European food delivery giant Just Eat Takeaway.com is poised to be acquired by Dutch technology investor Prosus in an all-cash deal worth roughly 4.1 billion euros ($4.3 billion).
The offer values Just Eat’s shares at 20.3 euros each, representing a premium of 63% when compared to the firm’s closing price on Friday.
Prosus, which is majority owned by South Africa’s Naspers, already holds a 28% stake in leading food delivery company Delivery Hero.
Shares of Just Eat soared as much as 54% on Monday morning, notching a new 52-week high. The stock price was last seen trading 52.8% higher on the news.
Prosus shares fell 8.3%, tumbling to the bottom of the pan-European Stoxx 600 index, while Delivery Hero rose 5.4%.
“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion,” Fabricio Bloisi, CEO of Prosus and Naspers group, said in a statement.
“We believe that combining Prosus’ strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders,” Bloisi said.
The offer comes after a rocky few years for Just Eat. Like many other food delivery companies, the company’s stock price collapsed in the wake of the coronavirus pandemic, which had initially boosted the firms as consumers turned to these platforms during lockdowns.
A stark shift in consumer habits since, however, led to a sharp deceleration in growth rates.
The Dutch multinational delisted from the London Stock Exchange late last year, citing an effort to “reduce the administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining the LSE listing.” The move made Amsterdam the firm’s sole trading venue.
In November, Just Eat Takeaway.com said it would sell its GrubHub arm to New York-based online takeout startup Wonder for $650 million — a huge discount compared to the $7.3 billion the firm paid for the U.S. food delivery app.
“Prosus fully supports our strategic plans and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies. We are looking forward to an exciting future together,” Jitse Groen, CEO and founder of Just Eat Takeaway.com, said in a statement on Monday.
— CNBC’s Ryan Browne contributed to this report.