(WJET/WFXP) — Europe’s largest meal delivery firm announced Wednesday that it will be selling its U.S.-based Grubhub to Wonder in a $650 million deal.
Just Eat Takeaway.com originally acquired Grubhub in 2020 during the peak of the COVID-19 pandemic for $7.3 billion. The firm has been looking to offload the company since 2022 due to the growing tensions between its competitors, Uber Eats and Doordash.
In addition, delivery service companies have struggled with a decline in customers, partly because of increased living costs and inflation.
In the acquisition, Wonder has agreed to pay $150 million in cash and will take on $500 million in Grubhub debt. The transaction is expected to be completed during the first quarter of 2025.
Wonder was launched in 2018 by former Walmart executive Marc Lore, who focused on operating mobile kitchens from a fleet of trucks that aimed to recreate meals from popular restaurants.
Since its inception, the company has grown to a valuation of over $3.8 billion. This deal marks the company’s second acquisition. The first was in 2023 when Wonder acquired the struggling meal delivery service Blue Apron for $103 million.