Uk’s JustEat and Amsterdam-based Takeaway.com given greenlight for a merger deal

The Anglo-Dutch food delivery tie-up placed 4.6 million shares at €87.00 each, raising roughly €400 million. The placement is conditional to the admission of the merged company to trade on the London Stock Exchange and Euronext Amsterdam, which is expected to become effective on April 27.

“The net proceeds raised from the capital increase and the convertible bond issuance will be used to partially pay down revolving credit facilities currently utilised by both Just Eat and Takeaway.com, for general corporate purposes as well as to provide the company with financial flexibility to act on strategic opportunities which may arise,” the FTSE 100 firm said.

Amsterdam-based Takeaway.com spent months fighting off rival bids for Just Eat from Prosus, the little-known tech investment arm of Naspers. It finally reached an agreement to buy the firm in an all-stock deal at the start of the year and the UK’s competition watchdog has given the green light for a merger deal.

Colin Raftery senior director of mergers at the CMA commented: “After interrogating how this deal is likely to affect the UK market, we are satisfied that there are no competition concerns.”