Wonder to acquire Grubhub for $650M
Just Eat Takeaway originally purchased Grubhub for $7 billion in 2020 and has been trying to sell the company since 2022.
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
Related news
Molson Coors takes majority stake in ZOA energy drink
Molson Coors Beverage Co. is taking a majority ownership stake…
Read more >Nestlé launches protein-focused products for weight management in key markets
Nestlé is tapping protein trends across geographies with solutions developed…
Read more >Mondi increases its presence in Western Europe via acquisition
Packaging firm Mondi has entered into an agreement to acquire…
Read more >Related news
Sharp price competition and challenges in the Hungarian food industry
Serious price competition has developed on the Hungarian food market,…
Read more >Hungarian customers want a stress-free Christmas: they shop online in advance and spend over HUF 100,000 on gifts
Hungarians plan to spend more than HUF 100,000 on Christmas…
Read more >The rise in food prices has fallen, and no significant increase in prices is expected until the end of the year
In the past two years, consumers in Hungary experienced a…
Read more >