Technology investor Prosus agreed to buy Just Eat Takeaway.com for $4.29 billion, using the war chest it built by selling part of its Tencent stake to bulk up its food-delivery arm.The deal is set to create the world’s fourth-largest player in food delivery by gross transaction value–a closely watched industry metric–after China’s Meituan and U.

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.

The planned all-cash offer comes after a difficult past few years for the firm, which had enjoyed booming business - and a soaring share price - during the pandemic when households were forced to eat