New combined group to adapt North American strategy with focus on Grubhub “strongholds” instead of entire market
Just Eat driver
Just Eat completes Grubhub acquisition
Source: Just Eat

Food delivery platform Just Eat (Just Eat) has secured entry into the US by completing its acquisition of New York Stock Exchange-listed (NYSE) delivery service Grubhub.

Grubhub shareholders will receive new shares in Just Eat representing approximately 30% of the company’s issued share capital, following the completion of the transaction.

With Just Eat acquiring 100% of all Grubhub shares, the company was delisted from the NYSE on 14 June.

The new Just Eat ADSs began trading on the Nasdaq on 15 June under the ticker symbol GRUB.

Additionally, the new combined company has floated over 62 million new shares on the London Stock Exchange’s main market for listed securities.

Another 62.8 million shared were listed on Euronext Amsterdam as of 15 June. The company’s total issued share capital now comprises 211.6 million shares.

New focus for the US

The combined group is now operating in the UK, the US, the Netherlands and Germany. Grubhub founder Matt Maloney will be appointed to the new group’s management team as its North America chief.

The group will shift its US focus from covering the entire market to expanding Grubhub’s strongholds.

It will apply its European strategy to the North American market, with focus on profit pool geographies.

Just Eat CEO and founder Jitse Groen said: “I have always believed that the combination of, Just Eat and Grubhub is a winning combination.

“The new company is the market leader in Europe, Canada and Australia, with very strong positions in the most important markets in the United States.

“It is humbling to run such a company after our start in Holland more than twenty years ago,” Groen said.

The combined company’s FY 2020 revenue reached €4 billion (£3.4 billion) with an adjusted EBITDA of €352 million (£302 million).

Date published: 16 June 2021

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