News Analyst
(RTTNews) – Just Eat Takeaway.com N.V. (JET.L), a Dutch online food delivery platform, on Wednesday announced that it has entered into a definitive agreement to sell Grubhub Inc. to food-delivery startup Wonder Group, Inc. for an enterprise value of $650 million.
In the deal, Grubhub, a Chicago, Illinois-based online food delivery company, will be transferred with its $500 million of senior notes. After customary adjustments, net proceeds to Just Eat are expected to be up to $50 million.
The transaction is expected to complete during the first quarter of 2025, subject to customary closing conditions including regulatory approvals.
Following the deal closure, Just Eat said it will retain no material liabilities associated with Grubhub.
In 2023, Grubhub generated 237 million orders and GTV of 8.06 billion euros, as well as adjusted EBITDA of 94 million euros.
The company expects the sale of Grubhub to Wonder will increase its cash generation capabilities and will accelerate its growth.
Just Eat previously had announced that it was actively exploring the partial or full sale of Grubhub.
According to the firm, the sale increases its ability to support investment in countries in which it has the greatest competitive advantage.
Further, the deal does not impact the company’s guidance for 2024.
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