19 September 2014

JUST EAT plc is today pleased to announce the merger of its Brazilian business RestauranteWeb  with that of iFood.com Agencia de Restaurantes Online S/A , the number one leading market place for online restaurant delivery in Brazil, to create the clear leader in the Brazilian online delivery food market.

This merger creates IF-JE Participações Ltda. which will be a joint venture between JUST EAT and iFood's existing shareholders.

IF-JE will be the clear leader in the Brazilian online delivery food market and combine the local knowledge and expertise of iFood with JUST EAT's experience gained from operating across 13 countries.  This new entity will deliver the best platform and experience for both consumers and restaurant partners in Brazil.

iFood was founded by Patrick Sigrist, Felipe Ramos Fioravante, Guilherme Pinho Bonifacio and Simone Alves de Carvalho and received investment from Movile Internet Movel S.A. , a company indirectly controlled by Naspers Ltd.  Movile is the industry leader for the development of mobile content and e-commerce platforms in Latin America.

JUST EAT will transfer 100% of the share capital of Just Eat Brazil Servicos Online Ltda., which trades as RestauranteWeb  to IF-JE, which will also include 100% of the share capital of iFood.     As part of the agreement, JUST EAT will also make an investment of £3.5m in cash into IF-JE, for future business expansion. Following the transaction, IF-JE will be 25% owned by JUST EAT, 24.98% owned by the iFood Founders and 50.02% owned by Movile.

The value of the gross assets of RestauranteWeb as at 30 June 2014 was £1.3m and the net loss before tax for the year ending 31 December 2013 was £2.6m.

David Buttress, CEO of JUST EAT, commented: "We are delighted to have secured another clear leading position in JUST EAT's portfolio.  Brazil is a large and fast growing market and is an important part of our long-term growth strategy.  The iFood founders and Movile have together built a great business and the combination with RestauranteWeb will create the clear market winner in this exciting market."

Patrick Sigrist, founder and chairman of iFood, commented: "It's an honour to finally, after 8 years knowing each other, be able to merge and work together. JUST EAT was an inspiration to me when founding iFood and today I'm glad we are part of the same company, merging the best of a regional management with the experience of the global leader. We've worked so hard to achieve this transaction, which will certainly be a game changer in the Brazilian food delivery market."

Felipe Ramos Fioravante, founder and CEO of iFood, commented: "We are excited to be able to partner with JUST EAT. Their management's experience in building the global leader in online delivery food will be invaluable as we expand our service to more restaurants and more hungry consumers across Brazil."

Fabricio Bloisi, Founder and CEO of Movile, commented: "We are committed to building the best mobile e-commerce businesses in Latin America.  The combination of iFood and RestauranteWeb is set to create a true regional champion."

About iFood

iFood, the largest online delivery platform in Brazil, allows users to order food via the internet and mobile applications, available on the iOS, Android and Windows Phone operating systems. In both systems, consumers can select the restaurants that deliver to the desired location, consult menus and prices, and then make their purchase with no need to make a phone call. Currently, the company is present in the cities of São Paulo (SP), Rio de Janeiro (RJ), Belo Horizonte (MG), Vitória (ES), Curitiba (PR), Florianópolis (SC), Porto Alegre (RS), Salvador (BA ), Recife (PE), Fortaleza (CE), and Natal (RN), as well as Niterói (RJ), Olinda (PE), Campinas (SP), Jundiaí (SP), Guarulhos (SP), Barueri (SP), Santos (SP), Santo André (SP), São Bernardo do Campo (SP), and São Caetano do Sul (SP). With over 3,000 participating restaurants, iFood registers 200,000 orders a month, accounting for R$ 120 million worth of transactions with the restaurants.

About Movile

Movile is Latin America's market leader in platforms for mobile content and commerce. With the investments received in 2014, Movile is aggressively expanding its operations in the segment of Online2Offline (O2O) apps and services. The company currently has around 400 employees and is connected to more than 40 wireless operators that together have more than 700 million subscribers. More than 30 million people use Movile's products and services every month. Naspers - a global media and e-commerce group - has been one of Movile's strategic partners since 2008.

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