Delivery giant Just Eat Takeaway has sold its stake in Brazilian counterpart iFood for €1.8bn (£1.5bn) to local internet company Movile.
The 33 per cent stake in iFood, which has dominated the market share in Brazil, will bolster Movile’s food ordering and delivery segment, although it also operates across ticketing and logistics.
The deal includes €1.5bn in cash, as well as up to €300m depending on the performance of the online food delivery sector over the next twelve months.
In the announcement, Just Eat confirmed that it “remains focused on improving its profitability and on a disciplined allocation of capital” as inflation spreads globally.
The London-listed company will keep the proceeds to maintain its balance sheet strength and to service repayments of its upcoming debt maturities.