Dutch technology investor Prosus has secured conditional clearance from the European Commission for its €4.1 billion ($4.76 billion) bid to acquire Just Eat Takeaway (TKWY.AS), after agreeing to significantly reduce its stake in rival Delivery Hero (DHER.DE).
The Amsterdam-headquartered company, majority owned by South Africa’s Naspers (NPNJn.J), announced the planned acquisition in February, highlighting the potential of its artificial intelligence capabilities to enhance Just Eat Takeaway’s operations. The company is Europe’s largest meal delivery platform.
The Commission, acting as the EU’s competition authority, confirmed that Naspers committed to lowering its 27.4% stake in Delivery Hero to “a specified very low percentage” within 12 months. Naspers will also refrain from exercising voting rights linked to its remaining shares, avoid increasing its stake beyond the agreed cap, and will not seek influence over Delivery Hero’s management or supervisory boards.
Prosus said the EU decision marks the final regulatory approval required for the deal. The offer period ends on 1 October, and if all conditions – including the acceptance threshold – are met, the company will declare the offer unconditional within three business days.
“Our ambition is clear: to build a true European tech champion and lead the next chapter in food delivery innovation,” said Prosus CEO Fabricio Bloisi.
EU antitrust chief Teresa Ribera welcomed the concessions, stating that they safeguard competition and consumer choice:
“This decision also sends a clear warning to an industry with recent antitrust issues: we won’t tolerate any anti-competitive behaviour that may harm consumers,” she said.
The decision follows June’s €329 million fine imposed on Delivery Hero and its Spanish subsidiary Glovo for participating in a cartel, which included market allocation agreements and anti-poaching arrangements between competitors.
According to analysts at ING, the acquisition would position Prosus as the world’s fourth-largest food delivery company, behind Meituan (3690.HK), DoorDash (DASH.O), and Uber (UBER.N).
