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Prosus Secures EU Antitrust Approval for Just Eat Takeaway Bid

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Dutch tech investor Prosus has received conditional approval from the European Union for its €4.1 billion ($4.76 billion) acquisition of Just Eat Takeaway, after agreeing to reduce its significant stake in rival Delivery Hero.

The European Commission confirmed that Naspers, Prosus’ majority owner, will lower its 27.4% holding in Delivery Hero to below a minimal threshold within 12 months. Naspers also committed not to exercise voting rights, increase its stake, or influence the management and supervisory boards of Delivery Hero.

Prosus announced the takeover plan in February, aiming to leverage its artificial intelligence expertise to strengthen Just Eat Takeaway, Europe’s largest meal delivery platform. With the EU clearance, this marks the final regulatory approval required for the deal, which is set to close by October 1, provided all offer conditions are met.

Prosus CEO Fabricio Bloisi described the acquisition as a step toward building a “true European tech champion” in the food delivery sector. EU antitrust chief Teresa Ribera emphasized that the ruling safeguards competition and consumer choice, warning that the Commission will continue to take a hard line against anti-competitive practices.

The approval comes months after Delivery Hero and its subsidiary Glovo were fined €329 million for cartel activities, including market division and non-poaching agreements. Once completed, the deal will make Prosus the fourth-largest global food delivery company, behind Meituan, DoorDash, and Uber, according to ING analysts.

Deliveroo Delays Margin Growth Goal Amid Slow Consumer Recovery

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Deliveroo has postponed its margin growth target after a slower-than-expected recovery in consumer confidence, causing a drop in shares that erased the gains made over the past year. Despite reporting its first statutory profit and positive cash flow, the meal delivery company revised its forecast for margin expansion.

For the year, Deliveroo posted a profit of £2.9 million ($3.8 million), a turnaround from a loss of £31.8 million in 2023. Its core earnings reached the top end of guidance, amounting to £129.6 million. However, CEO Will Shu admitted that the consumer environment had not recovered as quickly as expected. In 2023, Shu had set a target to achieve a 4% core earnings margin by 2026, with the possibility of further upside. But now, Deliveroo expects margin growth to pick up starting in 2026, with the 4% target set for the medium term.

“The consumer market since our capital markets event hasn’t been the smoothest,” Shu noted, reflecting the ongoing challenges. As a result, shares in Deliveroo fell 9%, wiping out the gains made over the past year. Jefferies analysts called the new timeline a “blemish,” though they pointed out that the consensus forecast had already been lagging behind the original timeline.

Despite the setback in margin growth, Deliveroo saw growth in gross transaction value (GTV), a key performance metric, which picked up in the second half of 2024. Order growth in the UK and Ireland, Deliveroo’s largest market, also accelerated each quarter. For Q1 2025, Shu expressed confidence, stating that trading had been strong, with no significant changes compared to the latter half of 2024.

To continue growing, Deliveroo will focus on value, its tiered membership programs, and other operational efficiencies. The company also announced its exit from Hong Kong, selling some of its assets to Delivery Hero’s foodpanda after nine years of operations in the region. Shu explained that Hong Kong’s market was particularly price-sensitive, which influenced the decision to exit. This departure will leave Deliveroo operating in seven international markets, in addition to its presence in Britain and Ireland.