Dutch online food delivery platform Just Eat has signed a definitive agreement to buy US food delivery venture Grubhub for an enterprise value of $7.3bn.
The acquisition of Grubhubwill mark Just Eat’s foray into the lucrative US online food delivery market.
Following the transaction, the brands will be integrated to create a global online food delivery company with operation in 25 countries.
The merged entity, which is expected to become the world’s largest online food delivery company outside of China, will focus on creating strong brands, connecting restaurant partners.
It will be headquartered and domiciled in the Netherlands with its North American headquarters in Chicago and a significant presence in the UK.
Just Eat CEO and founder Jitse Groen said: “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.
“Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector. I am excited that we can create the world’s largest food delivery business outside China. We look forward to welcoming Matt and his team to our company and working with them in the future.”
Grubhub CEO and founder Matt Maloney said: “Supported by Just Eat Takeaway.com, 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 could not be more excited.”
Upon the completion of the transaction, Matt Maloney will join Just Eat board of directors, along with two other Grubhub directors. He will head the business in North America.
The deal is expected to close in the first quarter of 2021.