Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) has agreed to sell its 33% holding in the Latin American joint venture iFood to Prosus NV for up to €1.8bn in cash.
The deal will give Prosus full control of iFood.
The consideration comprises €1.5bn in cash upon the closing of the sale, expected in the fourth quarter of 2022, and a deferred consideration of up to €300mln, relating to the performance of the online food delivery sector over the next 12 months, Just Eat said in a statement.
The food delivery company said it “remains focused on improving its profitability and on a disciplined allocation of capital” and will use the disposal proceeds to maintain its balance sheet strength and to pay back debt.
In a separate statement, 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 re-affirmed its guidance for 2022. In its 3 August half-year report it said it expects gross transaction value (GTV) to grow by mid-single digit year on year as well as adjusted EBITDA margin in the range of minus 0.5% and minus 0.7% of GTV.