Just Eat Takeaway.com Shares Soar On $1.8B iFood Stake Sale

by Shivani Kumaresan, Benzinga Staff Writer

August 19, 2022 2:49 PM | 1 min read |

Just Eat Takeaway.com NV JTKWY has agreed to sell its stake of 33% in Brazil's iFood to Prosus NV PROSY for up to €1.8 billion ($1.8 billion).
The transaction consideration will comprise €1.5 billion in cash on closing and deferred consideration of up to €300 million.
The consideration represents an equity multiple of over five times on the investments over the life of the joint venture.
The company expects to complete the deal in the fourth quarter of 2022. It intends to retain the proceeds to maintain its balance sheet strength and repay its upcoming debt maturities.
Price Action: JTKWY shares are trading higher by 26.20% at $4.19 on the last check Friday.

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