Food delivery service Grubhub has been acquired by European company Just Eat Takeaway in an all-stock deal worth $7.3 billion. The transaction, which was announced June 10, values Grubhub at $75.15 per share—a 27% premium to Grubhub’s closing price of $59.05.
The coronavirus has made food delivery services more popular with consumers, but the field has become more competitive as new players enter the market. Chicago-based Grubhub, founded in 2004, had recently been in talks to be acquired by Uber.
Just Eat Takeaway CEO Jitse Groen founded the company in 2000 as Takeaway.com and merged with Just Eat earlier this year. The Grubhub deal not only gives Amsterdam-based Just Eat Takeaway a foothold in the U.S., it creates the world’s largest food delivery business outside China.