Meal delivery platform Just Eat Takeaway is going to sell its stake in Brazilian delivery service iFood to investment fund Prosus. This should raise more than 1.5 billion euros.
Just Eat Takeaway has reached an agreement with South African investment fund Prosus on the sale of its 33 % interest in Brazilian iFood. Prosus will pay 1.5 billion euros, an amount that could be increased by 300 million euros if the meal delivery market performs well in the coming months. The deal still has to be approved by the shareholders.
Just Eat Takeway could certainly use the money: in the first half of the year, the company posted a record loss of 3.48 billion euros, partly as a result of write-downs on its American subsidiary Grubhub. That company is also still for sale. Investors never thought the acquisition of Grubhub was a good idea and punished Just Eat Branch on the stock exchange, while on the other hand the news about the deal with Prosus is now being received well.