Wonder to acquire Grubhub for $650M

Wonder, a company that operates delivery-focused food halls, will acquire Grubhub for $650 million from Just Eat Takeaway.com (JET), the companies said in a press release emailed to Restaurant Dive. The transaction is expected to be completed during Q1 2025, subject to closing conditions and regulatory approval.

Wonder, which has 28 food halls, also raised $250 million in capital from new investors. The company has grown rapidly and previously raised $700 million in March with plans to reach 90 locations next year. All of its locations will be available on Grubhub for third-party delivery.

JET originally purchased Grubhub for $7 billion in 2020, and has tried selling Grubhub since April 2022 following criticism from activist investor Cat Rock Capital which claimed Grubhub was reducing JET’s overall value. Selling Grubhub will help JET invest in countries where it will have a competitive advantage, in addition to improving its overall balance sheet, the company said. Grubhub’s share of the U.S. food delivery market has declined steadily in relative turns since 2020, according to Bloomberg Second Measure data.

Restaurant Dive