Just Eat Takeaway.com NV agreed to sell its 33% stake in Latin American joint venture iFood to Prosus NV for as much as 1.8 billion euros ($1.8 billion).
(Bloomberg) — Just Eat Takeaway.com NV agreed to sell its 33% stake in Latin American joint venture iFood to Prosus NV for as much as 1.8 billion euros ($1.8 billion).
Prosus will pay 1.5 billion euros in cash when the deal closes and as much as an additional 300 million euros will be paid in the next 12 months depending on the company’s performance, Just Eat said in a statement on Friday. The deal is expected to close in the fourth quarter.
Just Eat said it will use the proceeds to strengthen its balance sheet and repay debt, and the company said it’s also still pursuing a partial or full sale of its Grubhub business. The Amsterdam-based company is looking for ways to cope with slowing order growth that’s hit the delivery industry this year, and has also announced job cuts.
Read More: Just Eat Takeaway Records 3 Billion-Euro Hit on Grubhub
Just Eat shares fell 3.4% in Amsterdam on Thursday to 16.66 euros apiece. The stock had declined 66% this year. Prosus fell 1.4% and has declined 13% this year.
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