Just Eat Takeaway announces selling of iFood stake
Its cash consideration is up to €1.8 billion.
Just Eat Takeaway.com, along with its group firms, inked a definitive agreement to sell its equity stake of 33% in the iFood joint venture to Prosus N.V.
In a statement, the firm said the cash consideration is worth up to €1.8b.
The transaction consideration will be composed of “€1.5b in cash on closing and a deferred consideration, contingent on the performance of the online food delivery sector over the next twelve months, of up to €300m. “
“The consideration represents an equity multiple of over 5 times on the investments over the life of the joint venture. The Transaction is subject to approval by the Company’s General Meeting,” read the statement.
The firm is also focusing on enhancing profitability on a disciplined allocation of capital.
