Reuters —Europe’s biggest meal delivery firm, Just Eat Takeaway, said on Wednesday it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million, sending its shares soaring 20% in early trading.
“Just Eat Takeaway is at last putting an end to its disastrous U.S. journey,” Bryan Garnier analyst Clement Genelot said, noting the group had destroyed more than $7 billion in shareholder value there.
Grubhub’s enterprise value of $650 million includes $500 million of senior notes and $150 million cash, Wonder said in a statement.
Just Eat CEO Jitse Groen had in February said the M&A environment was not easy in the U.S., where fee caps cost the group some $100 million per year.
JPMorgan said in a note it had argued for an about $1.2 billion valuation for Grubhub in the past, but the market would view the long-awaited deal as positive even at a lower valuation.
Persons:
Reuters —, ” Bryan Garnier, Clement Genelot, Wonder, Marc Lore, Jitse Groen, DoorDash, Uber
Organizations:
Reuters, Walmart, Wall, JPMorgan
Locations:
Amsterdam, Chicago, New York City, U.S, Australia, Canada, New Zealand, France, Tuesday’s