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Naspers Bites Big: Why Prosus’ Just Eat Deal is More Than a Takeaway
How Naspers’ Prosus is betting big on Europe’s food delivery scene and what the R83 billion Just Eat acquisition teaches future CAs about strategy, consolidation, and global growth.
Xavier Prospero
October 07, 2025
Naspers Bites Big: Why Prosus’ Just Eat Deal is More Than a Takeaway
2 Min Read | 510 Words
Last week, the South African media-tech giant Naspers, via its affiliate Prosus, formalised an appetite-whipping move: the acquisition of 90% of Just Eat Takeaway.com in a deal valued at roughly R83 billion.
The offer become unconditional after over 90% of Just Eat shareholders accepted the tender…and no not tender in regards to steak.
🧠 Fun Fact:
Just Eat started in a Danish basement back in 2000 proving once again that some of the best ideas (and occasionally the worst accounting estimates) are born at 2 a.m. with takeout boxes nearby.
Why Prosus Is Going Back for Seconds
Prosus already had its hands full in the global food-delivery buffet with stakes in iFood (Brazil), Delivery Hero (Germany), and Swiggy (India).
So why grab Just Eat too?
By acquiring one of Europe’s top delivery players, Prosus strengthens its logistics and data network, diversifies its geographic exposure, and adds another layer of tech integration to its portfolio.
Of course, the European Commission wasn’t exactly thrilled about Prosus owning multiple major delivery platforms.
Regulators required it to reduce its voting control in Delivery Hero because apparently, even in corporate Europe, you can’t double-dip on the same dessert.
Connecting the Dots and the Debits
From an accounting perspective, this deal is a goldmine for CA(SA) students and finance professionals alike. Let’s unpack what’s going on behind the glossy press release.
1. Business Combination (IFRS 3)
Prosus will likely consolidate Just Eat’s assets and liabilities recognising a hefty portion of goodwill (a fancy way of saying “we paid more than the identifiable net assets”).
Students: think purchase consideration allocation, fair value adjustments, and goodwill impairment testing.
2. Impairment Watch (IAS 36)
If Just Eat’s profitability doesn’t deliver faster than a 30-minute pizza, that goodwill might start to smell off. Expect rigorous impairment testing in future financials.
3. Cross-Ownership Complexity
Prosus’ lingering stake in Delivery Hero creates an interesting twist in related-party disclosure (IAS 24) and possibly equity accounting (IAS 28) for other holdings.
Your “significant influence” example in class just got a real-world upgrade.
Strategic Takeaways (Pun Intended)
This move fits Prosus’ long-term strategy of investing in digital platforms that dominate daily life from food to fintech and with a firm foot already involved in the takeaway delivery scene, they’ve got industry expertise and experience to aid them.
But it also highlights the tug-of-war between growth and governance: how do you scale aggressively without triggering regulatory indigestion?
Bottom Line
Prosus’ Just Eat takeover is a strategic test of how South African capital can scale into complex, competitive global markets.
If it works, it redefines what emerging-market conglomerates can achieve in the digital economy. If it flops, well… at least we’ll get some interesting impairment notes to analyse.
If you were Prosus’ CFO, here’s your challenge for the week:
🍕 How would you structure post-acquisition integration and impairment testing to ensure the €4.1 billion Just Eat deal creates long-term value not just short-term goodwill?
Send in your take, the sharpest answer might feature in next week’s edition (with credit or anonymous bragging rights, your call 😎).
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