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. The acquisition offers customers an even wider choice of restaurants to cater their demand. Restaurants on the other hand gain a larger potential audience for their meals.
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.”
Takeaway.com is already active in the Netherlands with Thuisbezorgd.nl and in Belgium with Pizza.be. The company will merge the acquired businesses into one leading player to further support growth and profitability. Customers and restaurants will be able to access the added businesses through Takeaway.com’s highly scalable global technology platform. Groen: “Takeaway.com strives to further enhance its competitive position in each of the 11 markets it operates in. This transaction should be seen in that context.”
David Buttress, CEO of JUST EAT, commented: “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.”
About Takeaway.com
Takeaway.com is a leading online food delivery marketplace in Continental Europe, focused on connecting consumers and restaurants through its platform in 10 European countries and Vietnam. The company has leading market positions in terms of restaurants, orders and gross merchandise value in the Netherlands, Germany, Belgium, Austria and Poland. Takeaway.com’s platform across its markets had more than 7 million active consumers and c. 30,000 restaurants as at 31 March 2016. The main goal of Takeaway.com is to make consumers’ lives a little bit easier by making food ordering a lot easier.
