Just Eat Takeaway sells US arm GrubHub at a massive loss
Dutch meal deliver giant Just Eat Takeaway has sold its US arm Grubhub for some $650 million to Wonder Group.
Just Eat Takeaway paid $7.3 billion for Grubhub when it bought it during the height of the coronavirus pandemic in 2021 in an all share deal.
Since then, however, Grubhub’s fortunes have plunged and it faced strong competition from UberEats and DoorDash, among others. Its earnings were also pressured by maximum delivery fees imposed by the state of New York.
“The sale of will increase the cash generation capabilities of Just Eat Takeaway.com and will accelerate our growth,” said Just Eat Takeaway founder Jitse Groen. “This deal delivers the right home for Grubhub and its employees.”
News of the deal has been welcomed by investors and Just Eat Takeaway shares rose 20% in early trading in Amsterdam.
The takeover is expected to be finalised in the first quarter of next year.
Groen set up Thuisbezorgd.nl – now Just Eat Takeaway.com – in 2000 when he was a 21-year-old student.
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