Just Eat Explores Grubhub Sale As It Sees Corrections Following Pandemic Recovery

  • Just Eat Takeaway.com NV JTKWY weighed a partial or complete sale of its Grubhub unit less than a year after buying it for $7.3 billion.
  • Just Eat Takeaway.com explored strategic actions for the U.S. division after losing an unusually high level of customers across its key markets, Bloomberg reports.
  • CEO Jitse Groen saw the business as an essential part of industry consolidation.
  • Groen has been touting a turnaround plan that featured activity on Grubhub and expansion into groceries and building out its courier network. 
  • Shareholders lobbied for quicker action around its assets, pushing for clarity on developing other parts of the business.
  • Groen saw outside investment in Grubhub feasible, including from private equity or strategic partners.
  • The move reflects how the end of the pandemic has reversed the trend of the food delivery industry from a hot property into a struggling sector. Netflix Inc NFLX and Peloton Interactive Inc PTON also faced similar ordeals.
  • Price Action: JTKWY closed at $5.66 on Tuesday.
  • Photo by Haydn Blackey via Flickr
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