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.

Prosus NV agreed to buy Just Eat Takeaway.com NV for €4.1 billion ($4.3 billion), as the technology investor seeks to expand its footprint in Europe. The all-cash deal at €20.30 a share is a 49% premium to the three-month volume-weighted average price,

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.