British food delivery platform, Just Eat Takeaway, has acquired America’s Grubhub for $7.3 billion, creating the world’s largest food delivery service outside China. The acquisition now edges out Uber Technologies, which had expressed interest in Grubhub.
Last month, Uber Technologies had expressed interest in a potential all-stock takeover bid of Grubhub. The acquisition would offer Grubhub shareholders 2.15 Uber shares for each Grubhub share, which would, in turn, value Grubhub’s stock at more than $60 a share, pegging the deal at around $6.1 billion.
According to Just Eat Takeaway, the two businesses will combine without any cash changing hands, but by only swapping shares. Furthermore, the deal allows Grubhub’s shareholders to own 30% of the combined entity. However, this is still subject to approval by both sets of shareholders.
In February this year, Takeaway.com bought Just Eat for $7.9 billion
Just Eat is a British online food order and delivery service. It acts as an intermediary between independent take-out food outlets and customers. It is headquartered in London, England, and operates in 13 countries in Europe, Asia, Oceania, and the Americas.
Just Eat Takeaway and Grubhub together processed 593 million orders in 2019, and have more than 70 million active customers globally.
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