Just Eat acquired for €4.1 billion in one of the largest deals ever in Dutch technology.

      Europe's largest food delivery company, Just Eat Takeaway.com, is poised to be acquired by tech investor Prosus for €4.1 billion, marking one of the largest acquisitions in the history of Dutch technology.

      Prosus, the investment branch of South African tech firm Naspers, has proposed to purchase Just Eat Takeaway's shares at €20.30 each through an all-cash offer. This represents a 22% premium over the delivery app's recent three-month peak, but is only a fifth of its pandemic high that exceeded €100 per share. After the announcement, Just Eat Takeaway's shares surged 53% on the Amsterdam Stock Exchange this morning.

      Just Eat Takeaway was established in 2020 following the merger of UK-based Just Eat and Dutch company Takeaway.com. The €7.4 billion deal positioned the Amsterdam-based firm as one of the largest food delivery platforms globally, and it has participated as a speaker and partner at the TNW Conference.

      However, Just Eat Takeaway has faced challenges in recent years due to decreased demand and stiff competition from other players in the market. The company has also experienced some setbacks, particularly with its failed acquisition of US delivery app Grubhub. Just Eat Takeaway purchased Grubhub for $7.3 billion in 2021, only to sell it for $650 million three years later.

      For Prosus, this acquisition provides a chance to transform Just Eat Takeaway into a “European tech champion," according to its CEO, Fabricio Bloisi.

      Prosus already owns iFood, the largest food delivery platform in Latin America, and holds stakes in Germany’s Delivery Hero, Chinese shopping platform Meituan, and Indian grocery delivery app Swiggy.

      The firm has aimed to incorporate Just Eat Takeaway into its delivery empire for several years, having previously attempted to disrupt the 2019 merger of Just Eat and Takeaway.com with a £5.1 billion (€6.1 billion) bid.

      Just Eat Takeaway announced the acquisition today along with its annual earnings, revealing a 35% increase in pre-tax profits for 2024, reaching €460 million. CEO Jitse Groen stated that the company has become “a faster growing, more profitable, and predominantly European-based business.”

      Groen expressed optimism that Prosus' experience in delivery and AI technology would improve profits for Just Eat Takeaway. “Prosus fully supports our strategic plans, and its extensive resources will further accelerate our investments and growth across food, groceries, fintech, and related sectors,” Groen stated.

      Just Eat Takeaway confirmed that its existing leadership will stay in place under the agreement, which still requires shareholder approval.

      If shareholders and the relevant authorities approve the deal, it will be among the largest purchases of a Dutch tech company to date. Notable past acquisitions in the Netherlands include the €5.1 billion purchase of T-Mobile Netherlands by Warburg Pincus and Apax Partners in 2021, and Siemens' €628 million acquisition of Rotterdam-based software startup Mendix in 2018. A $44 billion bid by US chip maker Qualcomm to acquire Dutch rival NXP in 2018 would have been the largest deal, but it fell through due to a lack of approval from Chinese regulators.

      The topic of Dutch tech will be a focal point at the TNW Conference, scheduled for June 19-20 in Amsterdam. Tickets are currently available, with a 30% discount using the code TNWXMEDIA2025 at checkout.