European Union: European Commission approved Naspers’ proposed acquisition of Just Eat Takeaway based on conditions

On 11 August 2025, the European Commission approved, under the EU Merger Regulation, Naspers’ proposed acquisition of Just Eat Takeaway. The approval is conditional on full compliance with commitments offered by Naspers. The European Commission identified competition concerns linked to the structural connection between Just Eat Takeaway and Delivery Hero, due to overlapping operations in Austria, Bulgaria, Italy, Poland, and Spain. These overlaps could have reduced competitive incentives and increased the risk of coordination in the European Economic Area (EEA). To address this, Naspers agreed to cut its stake in Delivery Hero below a set threshold within 12 months, abstain from exercising voting rights or appointing board members, and refrain from raising its equity above the agreed limit for a defined period. An independent trustee, under European Commission supervision, will monitor compliance with these commitments.