Just Eat Takeaway’s €4.1bn acquisition by Dutch investment group Prosus has been given the go-ahead by the European Commission.
The two companies said they now had “all regulatory clearances” required to close the deal, and “build a Europe-based food delivery champion”.
The approval came with concessions on the part of Prosus – the group agreed to significantly reduce its shareholding in Just Eat rival Delivery Hero to below 10% within 12 months, so that it will no longer be the largest shareholder.
In addition, Prosus will not recommend or appoint any future individual connected with Prosus or its parent Naspers to the Delivery Hero management or supervisory boards, or governing bodies.
The commitments “reflect Prosus’s desire to move swiftly to integrate JET into the Prosus ecosystem and begin the work necessary to accelerate JET’s performance” the company said.
“It also highlights Prosus’s continued commitment to fostering a dynamic and competitive food delivery sector in Europe,” it added.
Competition watchdogs had been concerned the deal would have reduced the incentive for Just Eat to compete with Delivery Hero.
The deal comes as US food delivery giant DoorDash is to acquire Deliveroo for £2.9bn.
“We’re thrilled by the European Commission’s swift approval of our acquisition of JET. Innovation doesn’t wait, and we can now get to work quickly, as AI is rapidly reshaping food delivery. This milestone marks a bold investment in Europe’s AI future and strengthens our commitment to the continent,” said Fabricio Bloisi, Prosus’s CEO.
“With JET’s trusted brand and leading positions, combined with Prosus’s technical expertise and global scale, we’re poised to accelerate growth, enhance customer experiences, and unlock new value for our partners, drivers, and shareholders. Our ambition is clear: to build a true European tech champion and lead the next chapter in food delivery innovation,” he added.
Prosus previously sought to pick up Just Eat in 2020 when it engaged in a bidding war with the Netherlands-based Takeaway.com.
Following that deal, Just Eat Takeaway.com CEO and founder Jitse Groen has led the enlarged group and oversaw the takeover of Grubhub for $7.3bn, which Just Eat offloaded for just $650m in November.
Just Eat Takeaway also delisted from the London Stock Exchange in December as part of a cost-cutting drive to focus on its Amsterdam listing.
Prosus has said previously it plans to apply its AI capabilities – tried and tested at its Brazilian wholly-owned food delivery business iFood – to Just Eat Takeaway to “improve the customer and driver experience, boost service reliability, and optimise logistics”.
The deal “provides an opportunity to couple Prosus’s investment expertise, tech and AI capabilities and innovation mindset, with JET’s brand strength and solid fundamentals”, it added.
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