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.

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.

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