Overview

• The European Commission approved Prosus’s €4.1 billion bid for Just Eat Takeaway on condition that Naspers reduces its 27.4 percent stake in Delivery Hero to below a very low unspecified threshold within a year.
• Under binding commitments, Naspers will relinquish voting rights on any remaining Delivery Hero shares and refrain from nominating board members or increasing its stake.
• With final regulatory approval in hand, Prosus will proceed to shareholder acceptances and other closing steps needed to make the offer unconditional by October 1.
• The deal would combine Prosus’s global delivery assets and position it as the world’s fourth-largest food delivery company behind Meituan, DoorDash and Uber.
• These remedies follow a €329 million EU fine last June against Delivery Hero and Glovo for cartel conduct, underscoring regulators’ focus on preserving competition in the sector.