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HomeLatest NewsJust Eat sells 33% stake in iFood to Prosus for $1.8 billion

Just Eat sells 33% stake in iFood to Prosus for $1.8 billion

Date: October 2, 2022 Time: 18:59:02

Food delivery platform Just Eat Takeaway.com has reached an agreement with MIH Movile Holdings, a subsidiary of Prosus, to sell an estimated 33% stake in Brazil-based iFood. in exchange for a maximum of 1,800 million euros. Specifically, the fee for the transaction, which could close in the fourth quarter of 2022, will include a cash payment of EUR 1,500 million on closing the transaction, in addition to deferred consideration up to 300 million euros depending on the performance of the sector over the next twelve months.

Just Eat Takeaway.com’s board of directors and supervisory board believe the deal is in the best interests of the company and all stakeholders. Thus, the members of the board of directors unconditionally agreed to vote as (indirect) shareholders, in favor of approval transactions at an extraordinary general meeting.

The multinational company assured that it continues to focus on improving its profitability and the orderly distribution of capital. Thus, you will keep the proceeds from the transaction for keep your balance stable and face payments on their next debt maturities. Similarly, Just Eat Takeaway.com indicated that it continues to actively explore the possibility of a partial or full sale of Grubhub.

The delivery company posted a loss of $3.477 million.

The Dutch food delivery giant recorded a loss of 3,477 million euros in the first six months of the year. the number is seven times higher compared to a “red figure” of 486 million recorded in the same period the previous year, the multinational said. The company explained that its results largely reflect the negative impact of 3,000 million due to the deterioration of goodwill. related to the Grubhub acquisitiondue to declining sector valuations and the impact of higher interest rates and equity volatility on technical valuations.

In the first six months of 2022, Just Eat Takeaway.com posted a negative Adjusted Gross Operating Profit (Ebitda) of €134 million. 29% less compared to a loss of $189 million. for the first half of 2021. The company’s revenue for June in cumulative terms increased by 7% year on year to 2,779 million euros.

Source: www.lainformacion.com

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