![]() However, sources told CNBC’s Peter Faber that Uber was preparing to leave the deal over antitrust concerns. Uber was still negotiating with Grubhub as of Wednesday morning. Uber was in talks with Grubhub on and off for about a year, according to a source familiar with the deal. The company has been in play for months and had been in acquisition talks with Uber’s Eats division. The deal caps off a tumultuous period for Grubhub, which, as Maloney noted, was also created through a combination with another rival, Seamless. ![]() Supported by Just Eat, we intend to accelerate our mission to be the fastest, best and most rewarding way to order food from your favourite local restaurants in North America and around the world. We share a focus on a hybrid model that places extra value on volume at independent restaurants, driving profitable growth. Combining the companies that started it all will mean that two trailblazing start-ups have become a clear global leader. “I’ve known Jitse since 2007 and his story is much like mine. Today, Grubhub is a leader across North America,” Maloney said in a statement. ![]() Like so many other entrepreneurs, we started modestly – restaurant by restaurant in our Chicago neighbourhood. My vision was to transform the delivery and pick-up ordering experience. “When Grubhub and Seamless were founded, the online takeout industry didn’t exist in the U.S. “We look forward to welcoming Matt and his team to our company and working with them in the future.” I am excited that we can create the world’s largest food delivery business outside China,” Groen said in a statement. Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector. “Matt and I are the two remaining food delivery veterans in the sector, having started our respective businesses at the turn of the century, albeit on two different continents. Jitse Groen, CEO and founder of Just Eat, will lead the combined business globally. Matt Maloney, CEO and founder of Grubhub, will join the Just Eat management board and will lead the combined group’s businesses across North America. This gives Grubhub a total equity consideration (on a fully diluted basis) of $7.3 billion. This is an all-share deal, where Grubhub shareholders will get 0.6710 Just Eat ordinary shares in exchange for each Grubhub share, representing an implied value of $75.15 for each Grubhub share (based on the undisturbed closing price of Just Eat on Jof €98.602), the companies said. Just Eat Takeaway said the combined operation - which processed 593 million orders in 2019 - will have over 70 million combined active customers globally. It also represents a major competitive swipe, as Uber Eats had also been trying to acquire the U.S. The acquisition is not just a big piece of M&A in the food delivery space. in an all-share deal for an enterprise value of $7.3 billion. Today, Just Eat Takeaway - the European company that only just got its own $7.8 billion merger approved by regulators in April of this year - officially announced that it has reached an agreement to acquire Grubhub in the U.S. Consolidation in the world of on-demand food ordering and delivery continues apace. ![]()
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