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Naspers, through its subsidiary Prosus, has announced the acquisition of the remaining 33.3% stake in iFood from Just Eat for €1.5bn in cash, plus a contingent consideration of up to €300m. This move solidifies Prosus and Movile’s complete ownership of iFood, which has grown into a leading platform in Brazil's food delivery sector, facilitating 70 million orders monthly. The acquisition reflects Prosus's commitment to long-term investment and confidence in iFood's growth potential, particularly in expanding its services across grocery and fintech.
Positive
Acquisition of full ownership of iFood enhances market position in Brazil's food delivery sector.
Expectations for growth in grocery, quick commerce, and fintech markets.
Negative
Significant cash expenditure of €1.5bn may impact short-term financial flexibility.
Contingent considerations of up to €300m pose potential additional financial obligations.
CAPE TOWN, South Africa--(BUSINESS WIRE)--
Naspers Limited ("Naspers") (JSE: NPN): Prosus N.V. (Prosus) (Euronext Amsterdam: PRX; JSE: PRX), which is majority owned by Naspers, and a global consumer internet group and one of the largest technology investors in the world, today announced it has entered into an agreement to acquire the remaining 33.3% stake in iFood, from minority shareholder Just Eat Holding Limited for €1.5bn in cash plus a contingent consideration of up to €300m. Following the transaction, Prosus and its affiliate company, Movile (a Brazilian investor in technology companies) will fully own iFood.
iFood has performed exceptionally well since Prosus first invested in the business through Movile, founded by Fabricio Bloisi, in 2013. Starting as an online food ordering website, the company rapidly developed into an industry leader with a reputation for innovation. iFood stands out among the first to develop own-delivery, which is now profitable. Today, iFood is a leading platform business which includes food delivery, grocery, quick commerce, and fintech. The nearly decade-long commitment from Prosus has helped to enable iFood’s success.
‘’We first invested in iFood nearly a decade ago and during this time Fabricio and team have built a world-class food delivery business. They have shaped the sector in Brazil, creating a platform that serves 330,000 restaurant partners, provides income opportunity for 200,000 delivery partners, and delivers approximately 70 million orders every month. Increasing our stake to full ownership is a demonstration of our committed and disciplined approach to investment and reflects our confidence in the long-term potential of iFood. We are excited to continue to be a supportive and active partner for iFood as the company steps into its next phase of innovation and growth,” said Bob van Dijk, CEO, Prosus.
“The Brazilian Food Delivery sector has grown significantly over the past four years. There is substantial opportunity for further expansion in both the restaurant food delivery business and through building out the platform in areas such as grocery and quick commerce. iFood has established itself as a technology leader in Brazil and its success places it among the most innovative food delivery companies across the globe. We are thrilled to be fully backing the company on its path to transform the entire food chain to better serve customers,” said Larry Illg, CEO of Prosus Food.
“Prosus has been a committed partner to iFood and Movile over the last decade. I am delighted that they continue to have such strong belief in our vision and ability to build a successful business that Brazilians can continue to be proud of,” said Fabricio Bloisi, Movile founder and iFood CEO. “Together we will build a platform of offerings that provide Brazilian customers, delivery partners, restaurants and more, with the best experience in food, grocery delivery and fintech.”
Prosus has a strong track record of investing in, transforming and scaling food delivery businesses in some of the world’s highest growth markets. Today, Prosus has a broad global perspective on the food delivery industry with a presence in 57 markets globally. Prosus is well-positioned at the forefront of the transformation that is happening across the food delivery value chain, from how food is sourced, to how it is prepared and consumed.
Prosus has built a leading global portfolio of online food delivery companies, including iFood in Latin America, Swiggy in India, and Delivery Hero, which has a presence in more than 50 countries. Prosus is also an active investor in adjacent businesses including Flink, Foodics, Oda and Sharebite.
About Naspers
Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.
In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. These include Takealot, Mr D Food, Superbalist, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the US.
Naspers is focused on stimulating South Africa’s local tech sector through Naspers Foundry. This is a R1.4 billion investment vehicle that invests in early-stage technology companies that seek to address big societal needs.
Naspers Labs
In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers.
Naspers for Good
Naspers employees are equally committed to giving back. Naspers for Good is a corporate philanthropy fund administered by a committee of employees in South Africa. Through the fund, Naspers forms partnerships with organisations that have a proven track record of delivering solutions for the most pressing challenges affecting our communities. Email causes@naspers.com for more information.
Response to COVID-19
Naspers contributed R1.5 billion of emergency aid to support the South African government’s response to the COVID-19 pandemic. This contribution consisted of R500 million towards the Solidarity Fund, and R1 billion worth of PPE sourced and distributed to South Africa’s front-line healthcare workers. In addition, Naspers contributed R6.9 million to the Nelson Mandela Foundation’s EachOne FeedOne programme to support families impacted by COVID-19 with meals for a year.
Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
The information contained in this announcement may contain forward-looking statements, estimates and projections. Forward-looking statements involve all matters that are not historical and may be identified by the words “anticipate”, ”believe”, ”estimate”, ”expect”, ”intend”, ”may”, ”should”, ”will”, ”would” and similar expressions or their negatives, but the absence of these words does not necessarily mean that a statement is not forward-looking. These statements reflect Naspers’ intentions, beliefs or current expectations, involve elements of subjective judgement and analysis and are based upon the best judgement of Naspers as of the date of this announcement, but could prove to be wrong. These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties. Therefore, you should not rely on these forward-looking statements as a prediction of actual results.
Any forward-looking statements are made only as of the date of this announcement and neither Naspers nor any other person gives any undertaking, or is under any obligation, to update these forward-looking statements for events or circumstances that occur subsequent to the date of this announcement or to update or keep current any of the information contained herein, any changes in assumptions or changes in factors affecting these statements and this announcement is not a representation by Naspers or any other person that they will do so, except to the extent required by law.
