AMSTERDAM (dpa-AFX) - Prosus N.V. (PROSY) on Friday announced its decision to acquire the remaining 33.3% stake in iFood Holdings B.V. and IF-JE Holdings B.V., from Just Eat Holding Limited for 1.5 billion euros, plus a contingent consideration of up to 300 million euros, both to be paid in cash.
The contingent consideration may become payable if the food delivery sector re-rates on a GMV and Gross Profit multiple basis over the next twelve months, the company said.
This transaction consists of Just Eat selling 33.3% shares of each of iFood and IF-JE Holdings B.V., which together own the iFood business, to Prosus.
As on June 30, 2022, the value of the carrying amount of Just Eat's interest in iFood was 1.744 billion euros.
For the year ended 31 December 2021, loss attributable to Just Eat's interest in iFood was 62 million euros.
'The transaction is consistent with Prosus' strategy to invest where it has high conviction, and is a natural next step in the long-standing relationship between Prosus and iFood. Prosus believes this represents a great opportunity to secure full ownership of a high performing, cornerstone asset in the attractive Brazilian Food Delivery sector,' the company said.
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