Just Eat Sells Grubhub to Wonder for $650M

Just Eat Takeaway.com Completes Grubhub Sale

Following a search spanning over two years for a suitable purchaser, Just Eat Takeaway.com has finalized the divestiture of Grubhub. The Dutch-based food delivery company announced on Tuesday the completion of the sale to Wonder, a food technology startup established and spearheaded by seasoned e-commerce executive Marc Lore.

The transaction is valued at an enterprise level of $650 million. However, this figure includes $500 million in existing Grubhub debt. Consequently, Just Eat Takeaway.com will net approximately $50 million from the sale. This represents a significant decrease from Grubhub’s $7.3 billion valuation at the time of its acquisition by Just Eat Takeaway in 2020 via an all-share agreement.

Industry Consolidation and Strategic Shifts

This sale, initially revealed in November 2024, highlights a broader trend of restructuring within the food delivery sector. Companies are increasingly prioritizing profitability over aggressive expansion and previously held, ambitious growth projections.

Just Eat Takeaway.com has stated its intention to concentrate resources on markets where it possesses a distinct competitive advantage. This strategic realignment signals a move towards more sustainable and focused operations.

Wonder's Acquisition and Future Prospects

Marc Lore, the founder of Wonder, is a well-known figure in e-commerce, having previously established and sold businesses to major retailers like Amazon and Walmart. Wonder has secured approximately $1.7 billion in funding.

Lore has publicly expressed ambitions for an initial public offering (IPO) in the future, targeting a valuation of $40 billion. Achieving this will necessitate substantial growth beyond Wonder’s current scale.

The acquisition of Grubhub provides Wonder with a nationwide operational presence in the United States. However, it also inherits the substantial debt associated with the business. A key challenge for Wonder will be successfully restructuring and revitalizing Grubhub’s financial performance.

Whether Wonder can effectively address these challenges and unlock Grubhub’s potential remains to be seen.