JUST EAT Plc. (JE.L), an online market place for restaurant delivery, Friday announced the merger of its Brazilian business RestauranteWeb with that of iFood.com Agencia de Restaurantes Online S/A, a leading market place for online restaurant delivery in Brazil.
This merger creates IF-JE Participações Ltda., which will be a joint venture between JUST EAT and iFood's existing shareholders.
The new entity will combine the local knowledge and expertise of iFood with JUST EAT's experience of operating across 13 countries. It will deliver the best platform and experience for consumers and restaurant partners in Brazil.
iFood was founded by Patrick Sigrist, Felipe Ramos Fioravante, Guilherme Pinho Bonifacio and Simone Alves de Carvalho.
It received investment from Movile Internet Movel S.A., a company indirectly controlled by Naspers Ltd.
JUST EAT will transfer 100 percent of the share capital of Just Eat Brazil Servicos Online Ltda., which trades as RestauranteWeb to IF-JE, which will also include 100 percent of the share capital of iFood.
As part of the agreement, JUST EAT will also make an investment of 3.5 million pounds in cash into IF-JE, for future business expansion.
Following the transaction, IF-JE will be 25 percent owned by JUST EAT, 24.98 percent owned by the iFood Founders and 50.02 percent owned by Movile.
The value of the gross assets of RestauranteWeb as at June 30 was 1.3 million pounds and the net loss before tax for the year ending December 31, 2013 was 2.6 million pounds.
The stock advanced 2.5 percent to 297.10 pence.
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