Europe’s Just Eat Takeaway.com has agreed to buy Grubhub in an all-stock transaction worth about $7.3 billion, a move the companies say will create the world’s largest online food-delivery company outside of China in terms of revenue.
The deal values Grubhub’s shares at $75.15 apiece, a 27% premium to their Wednesday close. The combined entity will be headquartered in both Amsterdam and Chicago.
The massive tie-up comes as social distancing restrictions across the world begin to ease, a shift that will test whether an increase in the use of food-delivery apps during the pandemic will persist.
It also comes less than two months after Just Eat and Takeaway.com won UK regulatory approval for a merger of the two companies reportedly worth £6.2 billion (about $7.9 billion at today’s conversion rate).
Reports had surfaced last month that Uber was in pursuit of Grubhub, leading to antitrust concerns because of the two companies’ relative dominance of the US market. Now, regulators will instead have a different deal to assess.
Source: Pitchbook
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