Dutch online food ordering and home delivery company Takeaway.com has received approval from its extraordinary general meeting (EGM) to acquire Israel-based 10bis for €135m ($157.7m).
Established in 2000, 10bis is an online food marketplace offering meal benefit plans to thousands of corporations. It mostly serves B2B food orders and processed 15.2 million orders last year.
The company signed an agreement with the private equity firm TA Associates to acquire 10bis on 28 July. With the EGM approval, the transaction is expected to close in the coming months.
According to Takeaway.com, the acquisition will strengthen its position in the food delivery domain by integrating 10bis technology into its platform, as well as 11.5 million European consumers.
The company received €150m funding from ABN AMRO Bank and ING Bank through a bridge facility to finance the transaction.
Takeaway.com will refinance the facility through debt, equity or equity linked financing or a combination of these.
Established in 2000, Takeaway.com connects consumers and restaurants through its platform. It has operations across the Netherlands, Germany, Poland, Belgium, Austria, Switzerland, Luxembourg, Portugal, Bulgaria, Romania and Vietnam.
The company provides a range of food choices to customers from its network of 36,500 connected restaurants. It also offers restaurant delivery services for restaurants in eight European countries.