Completion of Acquisition of takeaway food business in Spain
Just Eat plc (LSE: JE.), the world's leading digital marketplace for takeaway food delivery, is pleased to announce that it has today received approval from the local competition authority, the Comisión Nacional de los Mercados y la Competencia for its acquisition of La Nevera Roja in Spain from Rocket Internet (the "Approval"). The transaction is now expected to close within the next few business days.
The acquisition was previously announced on 5 February 2016, along with the acquisition of businesses in Italy, Mexico and Brazil, which closed at that time.
The acquisition of La Nevera Roja is highly complementary to Just Eat's Spanish businesses. It will bring additional scale, focus, and new talent to our existing operations and will enable the company to offer an enlarged customer base for takeaway restaurants, as well as greater choice for consumers.
The transaction creates clear market leadership in Spain, with the compelling economic benefits of scale that lead, in time, to material synergies and meaningfully higher sustainable margins.
David Buttress, CEO, commented:
"This acquisition, along with the acquisitions in Italy, Mexico and Brazil consolidate our market leadership in a number of geographies where the digital marketplace for takeaway food delivery is growing strongly. We look forward to using our increased volume and scale to drive value for our shareholders and restaurant partners, as well as improving the takeaway experience for consumers.
"The integration process is proceeding according to plan in those markets where the acquisitions have already closed. In Spain, we look forward to welcoming La Nevera Roja to the Just Eat family."