Just Eat Takeaway has finally completed the loss-making sale of its fast-food service GrubHub to food delivery startup WonderGroup, shortly after delisting from the London Stock Exchange.
The Netherlands-based food delivery group confirmed the completion of the deal earlier today, selling GrubHub at a steep loss of 6.5 billion dollars (£5.18 billion).
Just Eat secured £50 million of proceeds from the deal after adjustments and costs, with around 500 million dollars (£399 million) of debts transferred through the deal.
The parties said the sale was worth around 650 million dollars (£518 million) in total.
Just Eat Takeaway announced plans to sell the US unit in 2022 following growth from competitors such as Uber Eats, but only secured a deal with Wonder in November 2024.
Just Eat founder Jitse Groen said after the November announcement: “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.”
The company bought GrubHub at a price tag of 7.3 billion dollars (£5.8 billion) during the pandemic’s peak when home deliveries boomed due to lockdown restrictions.
The US service was sold however for 650 million dollars amid a significant order slowdown in recent years.
The completion of the sale comes after Just Eat Takeaway abandoned its secondary listing on the London Stock Exchange in late 2024 in a bid to cut costs.
Travel agent giant Tui and American aircraft supplier GE Aerospace are among a string of companies which have withdrawn from the UK markets in the past year, alongside Superdry and Nightcap ditching the London markets to go private.
Just Eat’s share price on its primary listing venue, Amsterdam’s Euronext, rose by 0.12% following the announcement earlier today.
