Grubhub Inc. (NYSE: GRUB), which ranks as the ninth-largest B2C human cloud platform, struck a deal to be acquired by Just Eat Takeaway.com.
Grubhub shareholders will receive shares in Just Eat Takeaway.com in the all-stock transaction. The deal values Grubhub shares at $75.15 each implying total equity consideration of $7.3 billion. Grubhub shareholders are expected to own shares representing approximately 30% of the combined company after the deal.
Plans call for Grubhub founder and CEO Matt Maloney to join Just East Takeaway’s management board and lead the company’s combined businesses in North America. Two current Grubhub directors will also join Just Eat Takeaway’s board.
Shareholders must still approve the deal and it is subject to customary completion conditions. The deal is expected to close in the first quarter of 2021.
The combined company will be headquartered in Amsterdam with its North American headquarters in Chicago.