Just Eat Takeaway.com NV said on Friday it has agreed to sell about 33% of the iFood joint venture to Prosus NV for up to 1.8 billion euros ($1.82 billion) as it seeks to focus on improving profitability and disciplined capital allocation. .
Amsterdam-based food delivery group TKWY,
The amount includes 1.5 billion euros in completion and deferred consideration based on the performance of the online food delivery sector, which is worth up to 300 million euros.
A global consumer internet group said the transaction to buy the remaining stake in Latin American online food and delivery platform iFood will be funded from existing cash resources.
“We are pleased to continue to be an active partner and support for iFood as the company enters its next phase of innovation and growth,” said Process Chief Executive Bob Van Dijk. “The increase in our participation to a full franchise is a demonstration of our commitment and disciplined approach to investment, and reflects our confidence in the long-term potential of iFood.”
Just Eat Takeaway.com reaffirmed guidance for single-digit total transaction value growth for 2022 and adjusted earnings before interest, taxes, depreciation and amortization of GTV minus 0.7% of debt. .
Just Eat said it continues to explore a partial or full sale of Grubhub.
The sale of iFood is expected to close in the fourth quarter of 2022, subject to shareholder approval.
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