Naspers Announces The Acquisition Of The Remaining 33.3% Stake In Ifood From Just Eat
Naspers Announces The Acquisition Of The Remaining 33.3% Stake In Ifood From Just Eat. Prosus N.V. (which is majority owned by Naspers) has entered into an agreement through its affiliate MIH Movile Holdings B.V. (Movile) to acquire the remaining 33.3% stake in iFood Holdings B.V. (iFood) and IF-JE Holdings B.V., from minority shareholder Just Eat Holding Limited (Just Eat) for €1.5bn in cash, plus a contingent consideration of up to a maximum of €300m in cash.
Just Eat is a wholly owned subsidiary of Just Eat Takeaway.com N.V., whose shares are listed and traded on Euronext Amsterdam (AMS: TKWY), its CREST depository interests (CDIs) are listed and traded on the London Stock Exchange (LSE: JET), and its American Depositary Shares (ADSs) are quoted and traded on the OTC Markets via a sponsored Level I Programme (ticker: JTKWY).El Cocinero a Cuerda S.A. is a holding company of Sindelantal, a food delivery business in Mexico, that ceased its operational activities in December 2020.
Prosus first invested in iFood through Movile in 2013. Starting as an online food ordering website in Brazil, iFood rapidly developed into an industry leader with a reputation for innovation. iFood stands out among the first to develop own-delivery, which is now profitable. Today, iFood is a leading platform business which includes grocery, quick commerce, and fintech. The nearly decade-long commitment from Prosus has helped to enable iFood’s success.
Prosus has a strong track record of investing in, transforming and scaling food delivery businesses in some of the world’s highest growth markets. Today, Prosus has a broad global perspective on the food delivery industry with a presence in 57 markets globally. Prosus is well-positioned at the forefront of the transformation that is happening across the food delivery value chain; from how food is sourced, to how it is prepared and consumed. Prosus has built a leading global portfolio of online food delivery companies, including iFood in Latin America, Swiggy in India, and Delivery Hero, which has a presence in more than 50 countries. Prosus is also an active investor in adjacent businesses including Flink, Foodics, Oda and Sharebite.
The transaction is consistent with Prosus’ strategy to invest where it has high conviction, and is a natural next step in the long-standing relationship between Prosus and iFood. Prosus believes this represents a great opportunity to secure full ownership of a high performing, cornerstone asset in the attractive Brazilian Food Delivery sector.
