Dutch company Takeaway.com has received approval from its extraordinary general meeting (EGM) to acquire the businesses of German online food ordering platform Delivery Hero for approximately €930m ($1.05bn).
Announced on 21 December last year, the Dutch company will buy food delivery operations of Delivery Hero, along with the Lieferheld, Pizza.de and foodora brands in Germany.
Under the deal, Takeaway.com will offer €508m cash and an 18% equity stake worth €422m in the company to Delivery Hero.
The Dutch delivery firm currently operates a business in the country through its brand, Lieferando.de and expects that the transaction will allow it to offer enhanced experiences to both consumers and restaurant partners.
The company expects to close the transaction on 1 April this year.
At the time of signing the agreement, Takeaway.com CEO and founder Jitse Groen said: “This transaction provides Takeaway.com with a stronger proposition for both consumers and partner restaurants in the German market.
“It also allows Takeaway.com to operate on a significantly larger scale, which is essential in building a profitable online food delivery business.
“Although the transaction almost doubles Takeaway.com’s orders in Germany, there is still ample growth ahead, given that penetration of online food delivery in Germany is amongst the lowest in Europe. We look forward to welcoming Delivery Hero as a shareholder.”
In addition, the EGM has approved the appointment of Johannes Reck as a member of the Takeaway.com’s supervisory board.