Just Eat sells off Benelux businesses for €22.5 million
The digital marketplace for takeaway food delivery announced that the sale of its businesses in Benelux (the Netherlands and Belgium) to Takeaway.com.
The enterprise value for the transaction is €22.5 million payable in cash, of which 80% was paid on completion and 20% will be paid six months after completion, subject to the satisfaction of certain obligations.
David Buttress, CEO, said: “We have always been clear that the competitive dynamics of our industry demand clear market leadership to drive sustainable profitability. The disposal of our Benelux business, where we are number two, delivers on that strategy and comes at the right time for JUST EAT. We are the clear leader in our remaining 12 markets and it is appropriate that our time and resources are focused on building on the strong growth we are seeing across those businesses in future.”
Jitse Groen, CEO and founder of Takeaway.com, commented: “We are pleased to acquire the Benelux businesses of JUST EAT. These activities are complementary to our operations and will further strengthen our leading positions in Continental Europe. This transaction is in line with Takeaway.com’s strategy to drive sustainable leadership positions in each of the 11 markets it operates in."
