Just Eat Takeaway.com (JTKWY, Financials), listed on the London Stock Exchange and Euronext Amsterdam under JET and TKWY, has agreed to sell its U.S. food delivery platform, Grubhub (GRUB, Financials), to Wonder Group.
The deal values $650 million and comprises Grubhub's $500 million in senior notes. After standard adjustments, net proceeds are expected to reach up to $50 million. Assuming regulatory approval, completion of the acquisition is scheduled in the first quarter of 2025.
Just Eat Takeaway.com claims that the sale fits its approach of concentrating on markets where it has a competitive edge, so enhancing its income generating and growth path. This action is also supposed to improve the liquidity and capital structure of the business. According to Just Eat Takeaway.com, Grubhub following the sale does not have any major obligations.
This transaction comes in line with earlier news from Just Eat Takeaway.com on its investigation into Grubhub divestment alternatives. Grubhub handled 237 million orders in 2023, attaining gross transaction value of €8.06 billion and adjusted EBITDA of €94 million with negative €77 million free cash flow.
While Wonder, a fledgling food delivery company, is well-known for its "Fast Fine" dining style, Grubhub is located in Chicago, Illinois. Following the 2023 purchase of meal kit maker Blue Apron, Wonder's acquisition fits its plan to create a super app for food services.
"Bringing Wonder and Grubhub together is the next step in our vision to create the super app for meal time, re-envisioning the future of food delivery," Marc Lore, founder and CEO of Wonder, said.
