Prosus NV has agreed to acquire Just Eat Takeaway.com NV for €4.1 billion ($4.3 billion), marking a strategic move to bolster its presence in Europe. The all-cash deal, priced at €20.30 per share, represents a 49% premium over the three-month volume-weighted average price. This acquisition aims to diversify Prosus’s growth avenues, following its significant investment in Tencent Holdings Ltd., which has heavily influenced the company’s financials.

Just Eat Takeaway.com, operating in 17 markets including the UK, Germany, and the Netherlands, has been navigating a challenging post-pandemic landscape. The company recently divested its US operation, Grubhub, for approximately $650 million, reflecting a substantial discount from its 2021 acquisition price of $7.3 billion. Prosus’s acquisition is expected to enhance Just Eat’s competitive stance against rivals like Uber Eats and Deliveroo, leveraging Prosus’s stake in Brazilian food delivery company iFood as a blueprint for operational improvements.

Prosus CEO Fabricio Bloisi, who previously led the company’s Brazilian food delivery business, iFood, plans to integrate AI-driven strategies to elevate the customer experience at Just Eat. The company’s extensive portfolio of food delivery investments, including full ownership of iFood, a 28% stake in Delivery Hero SE, and a quarter of India’s Swiggy, positions Prosus to apply similar enhancements across its platforms.

The acquisition is part of Prosus’s broader strategy to capitalize on growth opportunities in Europe, with Bloisi highlighting the continent’s potential for technological advancement. Prosus, renowned for its landmark 2001 investment in Tencent, will continue its substantial buyback program, selling down some of its Tencent shares to repurchase Prosus stock. This move underscores Prosus’s commitment to optimizing its capital structure while pursuing strategic acquisitions.