Midrand: AfricUpdate – News Desk
Naspers, South Africa’s most valuable company, has seen its offer to buy Netherlands-based Just Eat Takeaway (JET) become unconditional. MIH Bidco Holdings, a wholly owned subsidiary of Prosus, is looking to buy JET in a €4.1 billion (roughly R83 billion). Based in the Netherlands, Prosus has a cross-ownership structure with Naspers and holds.
With a market cap just under R1 trillion, Naspers is the most valuable company in South Africa, with much of this wealth linked to the company’s stake in Chinese tech giant Tencent. JET is an on-demand delivery company operating in 17 countries, akin to South African operators Uber Eats and Mr D. Football fans may have seen the JET logo appear during UEFA competitions.
Prosus has now announced that the offer to acquire JET has become unconditional. Over 180 million shares were tendered during the Offer Period, representing roughly 90% of JET’s issued and outstanding share capital. As a result, all offer conditions described in the Offer Memorandum have been satisfied and the deal has been successfully closed.
“I’m very pleased with the outcome of the tender offer, and excited to welcome JET to the Prosus ecosystem,” Fabricio Bloisi, Prosus’s CEO said. “Our goal is to act quickly to transform JET through a focus on product, customer and innovation, creating a true European tech champion that will reshape the future of food delivery.” Bloisi became Prosus CEO after successfully running Latin America’s largest on-demand delivery service, iFood.
“As the tender offer has now been made unconditional, I would like to congratulate Fabricio and his team on the acquisition,” said Jitse Groen, JET’s CEO. “We are looking forward to working with our new owner to accelerate growth, and are excited about building a bright future together.’ JET shareholders who have not tendered their shares during the offer period will have the opportunity to tender their shares under the existing offer conditions in the post-closing acceptance period.
Prosus and JET intend to procure the delisting of the ordinary shares of JET on the Euronext Amsterdam as soon as reasonably practicable. Delisting may adversely affect the liquidity and market value of the Shares not tendered. The composition of JET’s management and supervisory boards will not change upon settlement. However, upon delisting, there will be changes to the Supervisory Board of JET. Five existing JET supervisory board members will resign. Three Prosus nominees, including Bloisi, Roberto Gandolfo, and Fahd Beg, will join the supervisory board.
