Virtual food hall company Wonder has completed the acquisition of Grubhub from parent company Just Eat Takeaway for $650 million, as initially announced in November. Grubhub was transferred to Wonder along with $500 million in debt, and Just Eat Takeaway is expected to net proceeds from the sale of up to $50 million.
Just Eat Takeaway first announced it was considering a full or partial sale of Grubhub in April 2022, though rumors of a potential sale of the struggling third-party delivery brand had been circulating well before that. Grubhub has long lagged behind its two major competitors — DoorDash and Uber Eats — in terms of share of the food delivery industry.
On Nov. 13, Just Eat Takeaway announced it had entered into a definitive agreement to sell Grubhub to Wonder, with the transaction expected to be completed by the first quarter of 2025.
With the acquisition, new Grubhub owner, Wonder — Marc Lore’s New York City-based hotshot startup — brings 375,000 new merchants into its fold, and Just Eat Takeaway will be able to focus on its delivery presence in other countries outside the United States.
“The transaction increases Just Eat Takeaway.com’s ability to support investment in countries in which it has the greatest competitive advantage, improves Just Eat Takeaway.com’s GTV growth and free cash flow generation, and has a positive impact on Just Eat Takeaway.com’s capital structure and liquidity position,” the company said in a statement.
Wonder has become a delivery wunderkind over the past few years, as it has raised $1.25 billion in capital from investors since its founding in 2018, $250 million of which was just announced at the end of 2024. The company also acquired meal kit provider Blue Apron in 2023. With both a meal kit company and third-party food delivery company in its portfolio, Wonder is predicted to shake up the delivery industry.
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