Amsterdam’s online food delivery marketplace Just Eat Takeaway.com has announced the sale of its US-based subsidiary, Grubhub, to Wonder Group for an enterprise value of $650M (approximately €612.83M).
The deal, expected to conclude in Q1 2025, represents the latest strategic shift for Just Eat Takeaway.com as it realigns its focus on markets where it holds competitive strength.
Just Eat Takeaway.com is a global online food delivery company headquartered in Amsterdam. The platform connects consumers with 731,000 restaurant and retail partners, offering a wide range of choices.
The company claims to be one of the world’s leading food delivery marketplaces, operating in 20 countries, including Australia, Canada, Germany, the Netherlands, and the United States.
Deal structure and financial implications
The transaction includes Grubhub’s $500M in senior notes, and after routine adjustments, Just Eat Takeaway.com anticipates receiving up to $50M in net proceeds.
The Amsterdam-headquartered food delivery giant expects the deal to bolster its cash flow and strengthen its capital position.
Additionally, the sale of Grubhub marks the end of Just Eat Takeaway.com’s recent efforts to divest the US operation, which it acquired in 2020.
Jitse Groen, founder and CEO of Just Eat Takeaway.com, says, “The sale of Grubhub to Wonder will increase the cash generation capabilities of Just Eat Takeaway.com and will accelerate our growth.”
“This deal delivers the right home for Grubhub and its employees. I would like to thank everyone at Grubhub for their contributions to both Grubhub and the wider Just Eat Takeaway.com business.”
Wonder’s vision for Grubhub
Marc Lore founded Wonder to transform the food industry with a “super app” for mealtime, offering delivery-first dining and a new “Fast Fine” experience.
Featuring top chefs like Bobby Flay and Jose Andres alongside celebrated restaurants such as Tejas Barbeque and Di Fara Pizza, Wonder allows customers to mix selections from various chefs and eateries in one order.
With this acquisition, Wonder Group aims to integrate Grubhub’s network of restaurant partners into its app. Wonder looks to enhance its customer offering with a more diverse selection.
Wonder founder, Marc Lore, says, “Wonder’s acquisition of Grubhub continues our mission to make great food more accessible. As we enhance our customer experience with selection, speed, and variety, we’re excited to soon offer a curated selection of Grubhub’s restaurant partners directly in the Wonder app, alongside our owned and operated restaurants and meal kits.”
“Bringing Wonder and Grubhub together is the next step in our vision to create the super app for meal time, re-envisioning the future of food delivery.”
Strategic context
The sale of Grubhub to Wonder allows Just Eat Takeaway.com to streamline its operations, concentrating resources on European and other key markets where it has a competitive advantage.
Grubhub’s financials from 2023 highlight both its scale and cost challenges: it handled 237 million orders, generating a Gross Transaction Value (GTV) of €8.06B and an adjusted EBITDA of €94M, with a 1.2 per cent margin. However, it faced a negative free cash flow of €77M, and its share-based compensation costs represented 50 per cent of Just Eat Takeaway.com’s total in this area.
For Wonder, which recently acquired meal-kit provider Blue Apron, the purchase of Grubhub aligns with its goals to expand in the US food delivery sector and diversify its offerings.
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