(Bloomberg) — Wonder Group Inc. is buying Grubhub from Just Eat Takeaway.com NV for about $650 million, acquiring the restaurant delivery service at a steep discount to the $7.3 billion price tag it commanded during the early days of the Covid pandemic.
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The transaction should get completed in 2025’s first quarter, Just Eat said in a statement on its website. It expects net proceeds of up to $50 million from the deal, which bears a total enterprise value of $650 million, it said.
Just Eat has been publicly shopping Grubhub for some time. The Wall Street Journal reported on Nov. 12 that the companies were close to a deal. The final selling price reflects how poorly the company has been doing in recent years. Grubhub has steadily contracted since getting acquired, losing ground to UberEats and DoorDash, in part because Just Eat cut spending on marketing to stem its losses.
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