Wonder Group Inc. will announce an agreement from Europe's largest takeaway company Just Eat Takeaway on Wednesday to sell its US subsidiary Grubhub to Wonder Group at a price of 0.65 billion dollars. This price is far lower than the 7.3 billion dollars it spent to acquire Grubhub in the early days of the COVID-19 outbreak.
Just Eat said in a statement on its website that the deal is expected to close in the first quarter of 2025. The company expects a net profit of up to 50 million dollars from the deal.
“Selling Grubhub to Wonder will increase Just Eat Takeaway's cash-generating capacity,” said Geet Glenn, the company's CEO.
Amsterdam-based Just Eat acquired Grubhub in 2021 to enter the US takeout market. The company has been looking for a way to sell Grubhub for years. Pressured by investors, the company initially announced plans to sell Grubhub in April 2022, when the company was struggling to withstand competition from US rivals such as Uber Eats and DoorDash.
Wonder CEO Mark Lohr said the company will pay $0.142 billion in cash and assume $0.5 billion in GrubHub debt.