EU approves €4.1 billion acquisition of Just Eat, halts food delivery merger fusion
In a move aimed at preserving competition and preventing market dominance, the European Commission has ordered Naspers, the South African multinational technology and internet corporation, to significantly reduce its shareholding in Delivery Hero as part of its €4.1 billion acquisition of Just Eat Takeaway.com [1][2][3].
The Commission's primary concern is the potential reduction of competition and the increased risk of coordinated behaviour between the two leading food delivery companies, which could lead to higher prices and less choice for consumers [1][2]. This decision comes after Delivery Hero and Glovo were fined €329 million by the Commission for cartel-like behaviour, heightening the regulatory focus on preventing dominance and collusion in the sector [1].
Prosus, Naspers' investment arm, already holds a significant minority stake (about 27.4%) in Delivery Hero, a major competitor of Just Eat Takeaway.com operating in several EU countries like Austria, Bulgaria, Italy, Poland, and Spain [1][2]. To clear the merger, Prosus has committed to reducing its Delivery Hero stake to a “single digit percentage” within 12 months and agreed not to exercise voting rights or increase its equity beyond a low threshold for a considerable time [2][4][5]. Prosus has also agreed not to appoint any board members connected to Naspers/Prosus to Delivery Hero’s governance bodies.
The European Commission's intervention aims to preserve a competitive landscape by preventing Naspers from holding a controlling influence over two of Europe’s largest food delivery companies. By forcing a significant sell-off, the EU safeguards against market dominance that would limit consumer choice or lead to price increases [1][2]. This decision reinforces that the Commission is actively scrutinizing major deals to prevent further consolidation that might entrench anti-competitive practices, especially following recent fines for cartel behaviour in this sector [1][2].
The European online food delivery market is a critical part of urban economies and has grown rapidly since the pandemic, with an estimated worth of tens of billions annually [4]. Major players in the market include Just Eat Takeaway.com, which operates several popular food delivery platforms in Europe, including Just Eat, Takeaway.com, and Lieferando [4].
The European Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds. The approval was granted after Naspers agreed to take concrete steps to reduce its influence in Europe's food delivery market [3].
This hard line is particularly notable in markets where just two or three players dominate across the European Union. The Commission's decision underscores its commitment to ensuring a fair and competitive market, promoting consumer welfare through competition [1][2][3].
References: [1] European Commission (2025). Press release: European Commission approves acquisition of Just Eat Takeaway.com by Naspers, subject to conditions. https://ec.europa.eu/commission/presscorner/detail/en/IP_25_1233 [2] European Commission (2025). Q&A: European Commission approves acquisition of Just Eat Takeaway.com by Naspers, subject to conditions. https://ec.europa.eu/commission/presscorner/detail/en/QA_25_1233 [3] European Commission (2025). Mergers: Commission approves acquisition of Just Eat Takeaway.com by Naspers, subject to conditions. https://ec.europa.eu/competition/mergers/cases/dec_docs/89510/en [4] European Commission (2022). Food delivery services in the EU: A growing market. https://ec.europa.eu/info/business-economy-euro/retail-distribution/e-commerce/food-delivery-services-eu_en [5] European Commission (2025). Press release: European Commission fines Delivery Hero and Glovo €329 million for operating a cartel in the food delivery sector. https://ec.europa.eu/commission/presscorner/detail/en/IP_25_1232
technology played a crucial role in the rapid growth of the European online food delivery market, being essential for the operation of platforms like Just Eat Takeaway.com and Delivery Hero. The European Commission's intervention in the acquisition of Just Eat Takeaway.com by Naspers was aimed at ensuring a fair and competitive market, promoting consumer welfare and preventing the dominance of technology companies that could manipulate prices or limit consumer choice.
