Just Eat plc (JE.L) Friday said its Brazilian unit RestauranteWeb will merge with iFood.com Agencia de Restaurantes Online S/A, an online restaurant delivery business in Brazil, through a joint venture or JV between Just Eat and iFood's existing shareholders.
Following the transaction, IF-JE JV will be owned 25 percent by Just Eat , 24.98 percent by the iFood Founders and 50.02 percent by Movile.
iFood had received investment from Movile Internet Movel S.A., a company indirectly controlled by Naspers Ltd.
Under the agreement, JUST EAT will transfer 100 percent of the share capital of Just Eat Brazil Servicos Online Ltda., which trades as RestauranteWeb to the join venture, which will also include 100 percent of the share capital of iFood. In addition, the company will also invest 3.5 million pounds cash into the IF-JE join venture, for future business expansion.
Commenting on the merger, David Buttress, CEO of JUST EAT said: "...Brazil is a large and fast growing market and is an important part of our long-term growth strategy. The iFood founders and Movile have together built a great business and the combination with RestauranteWeb will create the clear market winner in this exciting market."
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