By Kyle Morris
Just Eat Takeaway.com NV said Friday that it has agreed to sell its around 33% stake in the iFood joint venture to Prosus NV /zigman2/quotes/214038022/delayed NL:PRX -0.11% for up to 1.8 billion euros ($1.82 billion) as it looks to focus on improving profitability and on a disciplined capital allocation.
The Amsterdam-based food-delivery group /zigman2/quotes/201653805/delayed NL:TKWY +3.68% said the amount comprises EUR1.5 billion in cash on closing and a deferred consideration based on the performance of the online food delivery sector over the next year of up to EUR300 million.
The transaction is expected to complete in the fourth quarter of 2022, subject to shareholder approval.
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