Netherlands-based Just Eat Takeaway announced today that it will sell Grubhub to Wonder in a deal worth $650 million. The company said it expects the transaction to close by the first quarter of 2025.
“The sale of Grubhub to Wonder increases Just Eat Takeaway.com's cash generation capabilities and accelerates our growth. This deal provides a suitable home for Grubhub and its employees. Grubhub I'd like to thank everyone at Grubhub for their contributions to both the company and the broader Just Eat Takeaway.com business,'' Just Eat Takeaway founder Jitse Groen said in a statement.
Just Eat Takeaway acquired Grubhub in 2020 in a $7.3 billion deal. At the time, Uber was also reportedly in the process of acquiring Grubhub.
The company has been trying to sell Grubhub for some time. Last year, the company's CEO said selling Grubhub had proven to be “very difficult.”
The company added that the sale will enable it to invest in countries where it has a competitive advantage and generate free cash flow. Just Eat Takeaway added that the transaction is good for its capital structure and liquidity position.
Wonder CEO Marc Lore said the company aims to develop a super app for food delivery through this acquisition.
“Wonder's acquisition of Grubhub continues our mission to make great food more accessible. Along with our meal kits, we're excited to offer a selection of Grubhub's restaurant partners directly in the Wonder app, creating a super app for mealtime and food delivery. “This is the next step in our vision to re-envision the future,” he said.
According to Crunchbase, Wonder has raised more than $1.7 billion in funding from backers including Accel, Bain Capital Ventures, Google Ventures, Nestle, and Forerunner Ventures.
The story is unfolding…