Just Eat Takeaway.com to Sell Around 33% Stake in iFood JV to Prosus for Up to $1.82 Billion -- Update
August 19 2022 - 2:28AM
Dow Jones News
By Kyle Morris
Just Eat Takeaway.com NV said Friday that it has agreed to sell
its around 33% stake in the iFood joint venture to Prosus NV for up
to 1.8 billion euros ($1.82 billion) as it looks to focus on
improving profitability and on a disciplined capital
allocation.
The Amsterdam-based food-delivery group said the amount
comprises EUR1.5 billion in cash on closing and a deferred
consideration based on the performance of the online food delivery
sector over the next year of up to EUR300 million.
Prosus, a global consumer internet group, said that the
transaction to acquire the remaining stake in Latin American online
food and delivery platform iFood will be funded from existing cash
resources.
"We are excited to continue to be a supportive and active
partner for iFood as the company steps into its next phase of
innovation and growth," Prosus Chief Executive Bob van Dijk said.
"Increasing our stake to full ownership is a demonstration of our
committed and disciplined approach to investment and reflects our
confidence in the long-term potential of iFood."
Just Eat Takeaway.com also reconfirmed its guidance for 2022 of
gross transaction value to grow by mid-single digit on year and an
adjusted earnings before interest, taxes, depreciation and
amortization margin in the range of minus 0.5% to minus 0.7% of
GTV.
Just Eat also said it continues to explore the partial or full
sale of Grubhub.
The sale of iFood is expected to complete in the fourth quarter
of 2022, subject to shareholder approval.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
August 19, 2022 03:13 ET (07:13 GMT)
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