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Just Eat Takeaway.com completed its sale of Grubhub to Wonder Group on January 6, 2025. The deal’s announced enterprise value was $650 million, comprising $500 million in senior notes and $150 million in cash—not $650 million in cash paid to the seller. Just Eat Takeaway later reported receiving €136 million in cash consideration and incurring €40 million in transaction expenses contingent on completion.
How much did Wonder pay for Grubhub?
Wonder and Grubhub announced the transaction at an enterprise value of $650 million in November 2024. The disclosed consideration consisted of $500 million in senior notes and $150 million in cash. Enterprise value is the deal’s headline valuation measure; it should not be described as cash proceeds received by Just Eat Takeaway.com. The transaction announcement gives the announced value and payment mix.
| # | Preview | Product | Price | |
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Grubhub eGift Card | $100.00 | Buy on Amazon |
| 2 |
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Grubhub eGift Card | $200.00 | Buy on Amazon |
| 3 |
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Grubhub eGift Card | $50.00 | Buy on Amazon |
| 4 |
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Grubhub Physical Gift Card | $100.00 | Buy on Amazon |
| 5 |
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Grubhub Physical Gift Card | $50.00 | Buy on Amazon |
When did the sale close, and what did the seller report?
Just Eat Takeaway.com reported that the transaction closed on January 6, 2025. In its 2025 half-year report, the company recorded €136 million in cash consideration received and €40 million in transaction expenses contingent on completion. These later-reported euro figures are different measures, in a different currency, from the $650 million announced enterprise value; they should not be added together or treated as a direct breakdown of it. The company’s financial-results materials report the close and subsequent accounting figures.
Why did Just Eat Takeaway sell Grubhub?
Just Eat Takeaway said the sale would let it invest more in countries where it had its strongest competitive advantage, improve gross transaction value (GTV) growth and free cash flow generation, and positively affect its capital structure and liquidity. Those were the seller’s stated objectives, not independent proof that each benefit followed.
#1 Best Overall
- This card is redeemable via grubhub.com or the Grubhub app in markets where Grubhub is available within the U.S. only.
- To redeem, log into your account online or in the app, select "gift cards", select "add a new gift card" and enter in the gift card number to add the balance to your account.
- No returns and no refunds on gift cards.
In its November 2024 announcement, founder and CEO Jitse Groen said: “The sale of Grubhub to Wonder will increase the cash generation capabilities of Just Eat Takeaway.com and will accelerate our growth.” That was a forward-looking statement about the expected effect of the sale.
What does Just Eat Takeaway’s North America performance add to the picture?
The seller reported €1.97 billion in North America revenue for 2024, down 8%, and adjusted EBITDA of €170 million, compared with €126 million in 2023. These are company-reported operating figures for its North America segment. Revenue and adjusted EBITDA measure different things, and neither figure independently establishes whether the $650 million transaction valuation was high or low.
Rank #2
- This card is redeemable via grubhub.com or the Grubhub app in markets where Grubhub is available within the U.S. only.
- To redeem, log into your account online or in the app, select "gift cards", select "add a new gift card" and enter in the gift card number to add the balance to your account.
- No returns and no refunds on gift cards.
How does the sale compare with the earlier Grubhub purchase?
The Associated Press reported in 2024 that Just Eat Takeaway had agreed to pay $7.3 billion for Grubhub. Compared with that earlier price, the $650 million sale headline is striking. But the two figures alone do not establish the seller’s realised loss: the $650 million was enterprise value, while the seller later reported euro cash consideration and transaction expenses. A complete calculation would require other relevant financial details not supplied by these figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Wonder’s acquisition ambitions do—and do not—show
Wonder and Grubhub leaders described plans for integration and a broader mealtime platform. Those comments expressed management’s ambitions; they do not establish that integration was completed or that the intended market outcomes were achieved.
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Quick Recap
Best Value
- To redeem, log into your account online or in the app, select "gift cards", select "add a new gift card" and enter in the gift card number to add the balance to your account.
- No returns and no refunds on gift cards.
Rank #4
- This card is redeemable via grubhub.com or the Grubhub app in markets where Grubhub is available within the U.S. only.
- To redeem, log into your account online or in the app, select "gift cards", select "add a new gift card" and enter in the gift card number to add the balance to your account.
- No returns and no refunds on gift cards.
- Grubhub is the nation's leading online and mobile food ordering and delivery marketplace dedicated to connecting hungry diners with local takeout restaurants.
- The company’s online and mobile ordering platforms allow diners to order from more than 115,000 takeout restaurants in over 2,200 U.S. cities.
Rank #3
- This card is redeemable via grubhub.com or the Grubhub app in markets where Grubhub is available within the U.S. only.
- To redeem, log into your account online or in the app, select "gift cards", select "add a new gift card" and enter in the gift card number to add the balance to your account.
- No returns and no refunds on gift cards.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
