Economy

Just-Eat to team up with delivery rival in €9bn merger

Just Eat and Takeaway.com would have an estimated combined value of £9bn.

The combined group had 360m orders worth €7.3bn (£6.6bn) in 2018 and strong positions in the UK, Germany, the Netherlands and Canada.

Shares in Just Eat jumped more than a fifth to 776.8p on Monday morning, significantly higher than the valuation implied by the terms of the merger.

The all-share deal would see the Amsterdam-based Takeaway.com acquire Just Eat for 731p a share, a 15% premium on Friday's closing price - creating a company with roughly 360m global takeaway orders, worth almost £7bn.

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The British firm confirmed it was in talks about an offer by Takeaway.com, after Sky News reported the possible deal earlier on Saturday.

Just-Eat chairman Mike Evans will chair the combine group, while Takeway.com chief executive Jitse Groen will assume the role of CEO at the company, which will be incorporated, headquartered and domiciled in Amsterdam, the companies said.

"Takeaway.com has previously signalled that it wanted to consolidate the market and that it considered the United Kingdom to be one of the most attractive markets in Europe", Mould said. The firm was founded in 2000 and operates in 10 European countries as well as Israel and Vietnam but does not have a presence in the UK. In December, the Dutch food delivery service giant bought German home delivery companies Lieferheld, pizza.de and Foodora from its German competitor Delivery Hero for €930m in a cash share deal.

Just-Eat is also a major player in the Irish market.



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