Netherlands-based Just Eat Takeaway announced today that it is selling Grubhub to Wonder in a deal valued at $650 million. The company said that it expects the deal to be completed by Q1 2025.
“The sale of Grubhub to Wonder will increase the cash generation capabilities of Just Eat Takeaway.com and will accelerate our growth. This deal delivers the right home for Grubhub and its employees. I would like to thank everyone at Grubhub for their contributions to both Grubhub and the wider Just Eat Takeaway.com business,” Just Eat Takeaway’s founder, Jitse Groen, said in a statement.
Just Eat Takeaway company acquired Grubhub in 2020 through a $7.3 billion deal. At that time, Uber also reportedly pursued the acquisition of Grubhub.
The company has been trying to sell Grubhub for a while now. Last year, its CEO Said that Grubhub’s sale is proving to be “Very Difficult”.
The company added that this sale would allow it to invest in countries where it has a competitive advantage and generate free cash flow. Just Eat Takeaway added that the transaction is good for capital structure and liquidity position.
Wonder’s CEO Marc Lore said that the company aims to create a super app for food delivery through this acquisition.
“Wonder’s acquisition of Grubhub continues our mission to make great food more accessible. As we enhance our customer experience with selection, speed, and variety, we’re excited to soon offer a curated selection of Grubhub’s restaurant partners directly in the Wonder app, alongside our owned and operated restaurants and meal kits. 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,” he said.
Wonder has raised more than $1.7 billion in funding, according to Crunchbase, with backers like Accel, Bain Capital Ventures, Google Ventures, Nestle and ForerunnerVentures.
The story is developing…
