iFood owner announces purchase of Decolar for $1.7 billion

Prosus plans to expand its operations in Latin America and the CEO classifies the region as a “market with incredible growth potential”

Prosus, the holding company that controls the iFood in Brazil, announced on Monday 23rd, the purchase of the Argentinian Despegar, owner of the travel site Take off. The deal had a reported value of $1.7 billion (10.5 billion reais at today’s price) or $19.50 per share.

The acquisition is part of Prosus’ expansion into Latin America and will be financed in cash. According to Despegar, the transaction value represents a premium of approximately 34% to the average share price over the past 90 days.

Brazilian Fabricio Bloisi, CEO of Prosus Group, said Latin America “is a market with incredible growth potential” for the company. In addition to iFood, Prosus is also a partner of OLX.

“Today’s announcement is about opportunity and growth: On its own, Despegar is a successful company, with great fundamentals and a motivated management team; together, both Despegar and Prosus will make it even stronger,” the executive said in the statement .

“Our ambition is to ensure that Despegar benefits from our broader ecosystem so we can work together and offer the best travel solution in Latin America.”

Prosus reported that once the deal is completed, it will serve more than 100 million customers in the region across the e-commerce, fintech and now travel segments. iFood is the leader in food delivery in Brazil.

The transaction is expected to be completed in the second quarter of 2025, subject to approval by Despegar shareholders and regulatory authorities.

The board of directors of the Argentine company announced on Monday that it had approved the transaction and decided to recommend that Despegar shareholders vote in favor of approving the merger.

Source: Terra

Rose

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