Prosus N.V., a global Internet group led by South African billionaire Koos Bekker, has announced an agreement to buy the remaining 33.3 percent of iFood, a Brazilian online food ordering and delivery platform, from minority shareholder Just Eat Holding Limited.
According to a report seen by Billionaires.Africa, the proposed transaction, valued at €1.5 billion ($1.51 billion) in cash plus a contingent consideration of up to €300 million ($301.2 million), will see Prosus N.V and its affiliate Movile, which invests in technology companies, become the sole owners of iFood.
While commenting on the transaction, Prosus CEO Bob van Dijk stated that Prosus first invested in iFood nearly a decade ago and that the Brazilian firm evolved into a world-class food delivery business during that time.
He explained that the group is excited to continue to be a supportive and active partner of iFood as it enters the next phase of innovation and growth. He added that increasing the stake to full ownership demonstrates Prosus’ committed and disciplined approach to investment, as well as its confidence in iFood’s long-term potential.
“Over the last decade, Prosus has been a dedicated partner to iFood and Movile. I am overjoyed that they continue to believe in our vision and ability to build a successful business that Brazilians can be proud of,” Fabricio Bloisi, Movile founder and iFood CEO, said. “Together, we will create a platform of offerings that will provide the best experience in food, grocery delivery, and fintech to Brazilian customers, delivery partners, restaurants, and others.”
Prosus N.V. was founded in 1997 and has since become a global consumer Internet group and one of the world’s largest technology investors.
The group, a subsidiary of Naspers, a leading South African multinational conglomerate also led by Bekker, has an international portfolio of investments in leading firms and a strong track record of investing in, transforming, and scaling food delivery businesses in some of the world’s most rapidly growing markets.
Prosus announced in June the sale of its entire stake in JD.com Inc., China’s largest online retailer, for about $3.67 billion in a move aimed at improving capital allocation, net asset value, and closing valuation disparities.
