Just Eat Takeaway.com Sells Grubhub to Wonder Group in $650 Million Deal

Amsterdam, Netherlands – November 14, 2024 – Just Eat Takeaway.com, a leading global online food delivery platform headquartered in Amsterdam, has entered into an agreement to sell its U.S.-based subsidiary, Grubhub, to the Wonder Group for an enterprise value of $650 million (approximately €612.83 million). This strategic transaction, expected to close in the first quarter of 2025, will allow Just Eat Takeaway.com to concentrate on markets where it holds a competitive advantage, primarily within Europe.
The deal structure includes Grubhub’s $500 million in senior notes, with Just Eat Takeaway.com expecting to receive up to $50 million in net proceeds following typical adjustments. The sale marks a pivotal step in Just Eat Takeaway.com’s realignment efforts after its 2020 acquisition of Grubhub, as the company prioritizes cash flow and strengthens its capital position.
CEO’s Statement on the Transaction
Jitse Groen, founder and CEO of Just Eat Takeaway.com, commented, “The sale of Grubhub to Wonder will enhance Just Eat Takeaway.com’s cash generation and accelerate our growth trajectory. Grubhub and its employees have played an important role within our business, and this transaction positions them within an organization poised to take Grubhub’s success forward. I extend my gratitude to everyone at Grubhub for their dedication.”
Wonder’s Vision for Grubhub Integration
Wonder Group, founded by Marc Lore, aims to innovate the food industry with a “super app” that combines a vast network of restaurants and top chefs in a delivery-first dining experience. This acquisition will integrate Grubhub’s expansive network of restaurant partners into Wonder’s platform, amplifying its diverse food options and enhancing the customer experience with a broad range of high-quality choices.
“Wonder’s acquisition of Grubhub aligns with our mission to make great food more accessible,” said Marc Lore, founder of Wonder. “By integrating Grubhub’s restaurant network, we’re excited to offer a wider selection alongside our unique ‘Fast Fine’ experience, bringing customers both owned and partner restaurants through a single, convenient app.”
Strategic Context and Financial Background
This transaction aligns with Just Eat Takeaway.com’s strategy to focus resources on key European and international markets where it leads the market. Grubhub, handling 237 million orders in 2023 with a Gross Transaction Value (GTV) of €8.06 billion, generated an adjusted EBITDA of €94 million, albeit with a modest 1.2 percent margin and negative free cash flow of €77 million. Wonder’s recent acquisition of Blue Apron further emphasizes its expansion in the U.S. food delivery sector, marking a progressive step toward its vision of a unified dining experience.
For Just Eat Takeaway.com, this move underscores its commitment to sustainable growth, streamlining operations, and enhancing shareholder value, while for Wonder, the acquisition reinforces its ambition to become a leading force in the U.S. food delivery and dining industry.
About Just Eat Takeaway.com
Just Eat Takeaway.com is one of the world’s largest online food delivery marketplaces, connecting consumers with 731,000 restaurant and retail partners across 20 countries, including Canada, Germany, and the Netherlands.
About Wonder Group
Wonder Group, founded by Marc Lore, combines a unique mix of delivery-first dining and curated meal kits, aiming to redefine meal times through a seamless, high-quality dining experience.