Latest news with #Prosus
IOL News
11 hours ago
- Business
- IOL News
Prosus' bid for Just Eat Takeaway. com extended due to longer competition authority probe
Undated handout photo of someone using the Just Eat Prosus on Tuesday extended its public offer to acquire all of Just Eat to October 1, 2025, to align with a revised competition clearance timeline set by the European Commission. Image: Just Eat/Via AP Prosus on Tuesday extended its public offer to acquire all of Just Eat (JET) to October 1, 2025, to align with a revised competition clearance timeline set by the European Commission for the R81.6 billion transaction. Prosus had offered €20.30 per share for JET in February, with the original closing date August 19, 2025. The JSE and Amsterdam-listed Naspers subsidiary said on Tuesday that the timeline had been extended to accommodate 'the ongoing regulatory review by the European Commission under the EU Merger Regulation.' According to the Techcentral website, Prosus recently offered to sell down its shareholding in Germany-based Delivery Hero, where it is the biggest shareholder, from about 27.4% to below 10%, to help smooth the way for regulatory approvals for the JET acquisition. The report cited unnamed sources claiming that the European Commission had pressed Prosus to either reduce or divest its stake in Delivery Hero. At the time the JET transaction was announced, JSE analysts had told BR that they had questions about why Prosus wished to take over JET, considering Prosus already held a major shareholding in a competing food delivery firm in Europe, Delivery Hero. Meanwhile, last month, Delivery Hero had reached a settlement agreement, which included a €329 million fine, with the European Commission in another investigation, that began in 2022, and which focused on agreements to allocate geographic markets, exchanges of commercially sensitive information, and no-poach agreements between Delivery and Barcelona-based delivery platform Glovo, prior to Delivery Hero's acquisition of Glovo. 'Currently, the European Commission is expected to issue its decision regarding the transaction on August 11, 2025. The Closing Date, as referred to in the Offer Memorandum, will therefore be extended to 1 October…to allow JET shareholders sufficient time to tender their shares into the Offer,' Prosus and JET said in a joint announcement. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Competition clearance from the European Commission is the only outstanding regulatory clearance required for the transaction to proceed. 'Prosus and JET continue to work closely and constructively with the European Commission to satisfy this,' the companies said. JET, the Amsterdam-based on-demand delivery group, is focused on connecting consumers and partners through its platforms. With 356 000 partners, JET offers consumers a variety of choices from restaurants to retail, with operations in Australia, Austria, Belgium, Bulgaria, Canada, Denmark, Germany, Ireland, Israel, Italy, Luxembourg, Poland, Slovakia, Spain, Switzerland, the Netherlands, and the UK. Prosus, which owns lifestyle e-commerce brands across Europe, India, and Latin America, already has a strong track record in food delivery. Its food businesses span more than 70 countries and include full ownership of iFood, a leading Latin American food delivery platform; the stake in Delivery Hero; an approximate 4% stake in Meituan, the global food delivery business; and a 25% interest in Swiggy, one of India's largest food and grocery delivery platforms, which recently completed a successful IPO in that country. Prosus' share price inched up 0.87% to R1 064.68 on the JSE Tuesday afternoon, but the share price has rallied strongly by over 68% over 12 months. Naspers' share price was up 0.67% to R5 789.60, and over 12 months, it has rallied over 66%. BUSINESS REPORT
Zawya
19 hours ago
- Business
- Zawya
Kamco Invest buys stake in Mideast restaurants payments platform
Kamco Invest, a regional non-banking financial powerhouse with one of the largest AUMs in the region, today (July 28) announced that its private equity team has acquired a stake in Foodics, a leading cloud-based technology and payments platform for restaurants in the Mena region. Foodics was established in 2014 and supports more than 33,000 restaurants with an annual gross merchandise value of over $10 billion in 2024. The company's vision is to build a complete restaurant operations and financial management ecosystem that enables owners to run seamlessly and grow their businesses. Foodic's most recent round of $170 million was led by Prosus, one of the largest technology investors globally, and Sanabil Investments, a PIF-owned investment company focused on private growth investments. Other participating investors included Sequoia Capital India and existing investors including STV, Endeavor Catalyst, Vision Ventures, Raed Ventures, Riyadh Taqnia Fund, Faith Capital, and others. This investment, which was completed in Q4 2024 with final legal and regulatory procedures concluded recently, aligns with Kamco Invest's strategy of offering its clients distinctive, high-value opportunities in the region's most promising and fastest-growing sectors through investments in leading technology companies in the region with a planned, near-term IPO on local capital markets. The system allows restaurateurs to manage the entire restaurant operation from order processing to financial management and gaining access to cash, from a single screen. With its strong foothold in the Saudi market, the region's most active and lucrative for tech startups, Foodics is poised for a successful IPO within 2–3 years benefiting from favorable market conditions in KSA and the IPO prospects on Tadawul. Dalal J. Al Shaya, Director of Private Equity at Kamco Invest said: "We are proud to take part in this regional tech champion, which is successfully showcasing a tremendous growth trajectory with multiple pillars of growth initiatives supported by prominent regional and international investors." "We are confident in Foodic's business model, its strategy and the team's ability to lead the company to a successful futurem," he stated. Al Shaya pointed out that this investment, which aims to create long-term value for its clients, was in line with its strategy to extend tech ecosystem expertise and investments in the region, following its tech initiatives across the US. "This aligns with Kamco Invest's vision to strengthen its presence across the Gulf region, and to capitalize on the tremendous growth potential the region offers," he added. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Reuters
a day ago
- Business
- Reuters
EU regulators seek feedback on Prosus' offer to sell down Delivery Hero stake
BRUSSELS, July 28 (Reuters) - EU antitrust regulators are seeking feedback from third parties on Prosus' offer to slash its Delivery Hero ( opens new tab stake to below 10% to address EU concerns about its 4.1 billion euro ($4.77 billion) Just Eat Takeaway ( opens new tab deal, a person with direct knowledge of the matter said on Monday. Amsterdam-headquartered Prosus has proposed incrementally selling down its 27.4% stake in Delivery Hero and giving up its board seat, other people familiar with the matter told Reuters earlier this month. The company, which is majority owned by South Africa's Naspers (NPNJn.J), opens new tab, is banking on its AI capabilities to boost Just Eat Takeaway, Europe's biggest meal delivery firm. The European Commission, which acts as the competition enforcer in the 27-country bloc, did not detail the size of the stake to be sold off in the document sent to third parties, the person said. Respondents have until July 31 to reply. The Commission, which will decide on the deal by August 11, declined to comment. Prosus was not immediately available for comment. Delivery Hero and Just Eat Takeaway compete with each other in Austria, Bulgaria, Italy, Poland and Spain. ($1 = 0.8587 euros)
Business Insider
21-07-2025
- Business
- Business Insider
Analysts Offer Insights on Communication Services Companies: Telia Company AB (OtherTLSNF) and Prosus (OtherPROSF)
Companies in the Communication Services sector have received a lot of coverage today as analysts weigh in on Telia Company AB (TLSNF – Research Report) and Prosus (PROSF – Research Report). Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Telia Company AB (TLSNF) Barclays analyst Maurice Patrick maintained a Sell rating on Telia Company AB today and set a price target of SEK33.00. The company's shares closed last Wednesday at $3.50, equals to its 52-week high of $3.50. According to Patrick is ranked #2977 out of 9889 analysts. Currently, the analyst consensus on Telia Company AB is a Hold with an average price target of $3.55. Prosus (PROSF) In a report released today, Marcus Diebel from J.P. Morgan maintained a Buy rating on Prosus, with a price target of EUR63.50. The company's shares closed last Thursday at $56.48. Diebel has an average return of 2.8% when recommending Prosus. According to Diebel is ranked #8643 out of 9889 analysts. Prosus has an analyst consensus of Moderate Buy, with a price target consensus of $65.03, implying a 15.1% upside from current levels. In a report issued on July 8, TR | OpenAI – 4o also upgraded the stock to Buy with a EUR55.00 price target.
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Business Standard
20-07-2025
- Business
- Business Standard
Fintech firm PayU India to invest $120 mn by end of FY26, say senior exec
Fintech company PayU India will invest $100-$120 million in its credit business alongside putting money in its payments vertical in FY26, said its group chief financial officer Arvind Agarwal. The amount will be raised through existing resources, including internal accruals, debt, and further equity, according to the Prosus-backed company. The Dutch investor has infused $35 million (around Rs 300 crore) out of the total budgeted investment in the first quarter of FY26. The credit business is expected to get an investment of $50-$60 million. PayU is considering another $60-$70 million infusion in payments infrastructure firm Mindgate Solutions, in which it acquired a 43.5 per cent stake in March. 'There's no capital requirement for loss-funding, but we do require some capital for growth. Last year, in FY25, Prosus invested almost $200 million in PayU,' Agarwal told 'Business Standard'. Out of the $200 million it raised in FY25, PayU invested $100 million in its credit business. The remaining amount was allocated to inorganic initiatives, like the Mindgate investment, along with some organic capital infusion. '...the payments business on a standalone basis itself generates $25 million in ebitda, so it doesn't require any capital unless we want to go inorganic. We are also making investments into artificial intelligence and technology but that is self-funded from the payments (vertical's) profit,' he said. Agarwal expected the company to become ebitda positive in FY26, referring to earnings before interest, taxes, depreciation, and amortisation. 'The payment [business] has been profitable at the ebitda level for the last three years, and credit will become profitable on an ebitda basis in the coming quarter: Q2 of FY26. In Q2, it should break even on an ebitda basis. As a result of that, PayU India as a whole will become ebitda positive in FY26.' Prosus's annual report last month said PayU's payments business recorded a revenue growth of 12 per cent to $498 million in FY25. PayU Finance, the group's credit unit, saw its revenue grow to $171 million, taking the group's consolidated revenue for the year to $669 million. The Dutch investor's report added that PayU India had reorganised its payments business to boost customer acquisition and partnerships. 'Instead of the earlier structure, which was built around enterprise or government-only channels; it was more like a product-line organisation. We thought the right structure for our company is farming and hunting,' said Agarwal. By reorganisation, Agarwal referred to a dual approach: 'farming', which focuses on existing merchants by deepening the penetration of value-added services (VaS) and software-as-a-service (SaaS) products; and 'hunting' for new customers. VaS includes services such as affordability, loan payments, and checkout finance. The SaaS business includes categories such as fraud risk management and authentication. 'Now, we will start consolidating Mindgate's numbers from FY26. VAS and SaaS should be one-third of payments. It's a higher-profitability business. Of the total PayU revenue, it will be almost one-fourth,' he said. PayU India in May received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator; that was a year after securing in-principle approval. In January 2023, the RBI had asked the company to reapply for a payment aggregator licence. One of the reasons cited was the company's complex corporate structure. 'There was an embargo for 15 months. Obviously, we need to get back our speed in bringing on more and more new customers,' he said.
