Just Eat Takeaway has entered into a definitive agreement to divest its 33% (approx.) stake in iFood to Prosus in return for a cash consideration of up to €1.8 billion.
Just Eat has entered into an agreement with MIH Movile Holdings, an affiliate of Prosus, for the sale of the equity stake.
iFood, a joint venture between iFood Holdings and IF-JE Holdings, is an online food and delivery platform serving the Latin American region.
The transaction consideration will comprise €1.5 billion in cash on closing and a deferred consideration – which is reliant on the performance of the online food delivery sector over the next twelve months – of up to €300 million.
According to Just Eat Takeaway, it remains “focused on improving its profitability and on a disciplined allocation of capital”. The company will retain the transaction proceeds to “maintain its balance sheet strength” and to “service repayments of its upcoming debt maturities”.
The transaction is subject to approval by the company’s general meeting.
By Lauren Ford
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.