Just Eat Takeaway has struck a deal to sell its US business Grubhub at a steep discount to its purchase price four years ago.
Europe’s biggest food delivery group, which bought Grubhub in 2020 in a $7.3 billion deal amid a pandemic-driven boom in delivery services, has agreed to sell it for $650 million to US-based Wonder, a food delivery start-up led by the former Walmart executive Marc Lore.
The company announced plans to sell Grubhub more than two years ago amid growing competition from rivals, lagging order number growth, high taxes and a question of fee caps in New York City.
• Just Eat Takeaway feeds Waitrose’s appetite for rapid deliveries
Jitse Groen, Just Eat’s chief executive, who flagged this year that the mergers