Just Eat Takeaway weighs Grubhub sale
STORY: Just Eat Takeaway.com could sell GrubHub less than a year after buying it.
Europe’s largest meal delivery firm bought the U.S. company for $7.3 billion last June.
In a statement Wednesday (April 20), Takeaway said it was ‘actively exploring’ introducing a strategic partner to run GrubHub or a partial or full sale.
It comes as the firm scaled back growth expectations for this year and reported a 1% drop in first quarter orders.
Takeaway underperformed projections in Q1 with just above 264 million orders in Q1 - over 20 million lower than analyst forecasts.
Takeaway also said it now expected "mid-single digit growth" for its Gross Transaction Value - or GTV - this year - down from the "mid teens" it predicted earlier.
GTV measures the total value of food ordered and delivered.
Takeaway has been hit by re-ratings of loss-making tech companies and those seen as winners during the health crisis.
Its shares have lost two-thirds of their value since peaking in October 2020.
Investors have largely gone off online food companies since the fierce fight for GrubHub, which Takeaway bought last June.
The combined company is now worth just $6.3 billion at current prices.
