Business News

Wednesday 18 September 2019

Takeaway.com, Just Eat agree to merge

Stock image
Stock image

Paul Sandle and Bart Meijer

AMSTERDAM-based Takeaway.com and British rival Just Eat have finalised a deal to create a global food delivery company that can rival Uber Eats as the largest outside China.

The group, to be called Just Eat Takeaway.com, will be a market leader in Ireland, Britain, Germany, the Netherlands and Canada. The firms said they had backed the deal as outlined on July 29. Just Eat investors will receive 0.09744 new Takeaway.com shares for each of their shares.

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The terms value Just Eat at £4.7bn (€5.1bn), based on Takeaway's closing price on Friday. Takeaway's shares have slipped around 8pc since the deal was announced last week, trading at €76.70 yesterday.

Scale is crucial in the fast-growing $100bn (€89bn) market, as global rivals such as Uber Eats and Amazon-backed Deliveroo scramble to offer consumers the biggest choice.

The deal should close this year.

The new company will list in London.

Reuters

Irish Independent

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