Just Eat Takeaway sells stake in iFood

Just Eat Takeaway sells its stake in Brazilian meal delivery company iFood to major shareholder Prosus.

JET will receive 1.8 billion euros for the stake. In the past, bids have been made for the interest on several occasions, the highest amount of which amounted to 2.3 billion euros.

The transaction fee will consist of EUR 1.5 billion in cash, subject to an additional EUR 300 million depending on the performance of the online meal delivery industry over the next 12 months.

South African Prosus has a majority stake (two-thirds) in this meal delivery company that has grown in recent years into the largest player in the Brazilian meal delivery market.

The remaining 33 percent stake was held by Just Eat Takeaway, which acquired the iFood stake in 2020 with the acquisition of British Just Eat.

JET CEO Jitse Groen previously indicated that he only wanted to sell the iFood stake in a bid that ‘reflects the superior growth of the Brazilian meal delivery company’.

The sale of iFood comes as no surprise. The meal delivery company is also looking for a buyer for the American Grubhub, for which JET has paid 6.4 billion euros. The expensive purchase of the American counterpart is heavy on the stomach.

Source: Nieuws – Emerce by www.emerce.nl.

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