Just Eat was a pandemic star as its valuation soared as people turned to food delivery during lockdown, but was hit as the boom faded and it made poor business decisions.

Global technology company Prosus has signed a conditional agreement to acquire Just Eat Takeaway.com for €4.1bn ($4.2bn) to establish the fourth-largest food delivery group worldwide. The company will purchase all issued and outstanding shares of Just Eat Takeaway.

Just Eat Takeaway is set to be acquired by investment group Prosus in a €4.1bn deal that will lead to the European food delivery company’s delisting from public markets.