- Online food ordering company Takeaway.com announced it is buying Just Eat for $7.8 billion. These are the details about the deal.
Online food ordering service Takeaway.com announced it is buying Just Eat for $7.8 billion. However, the deal has to be approved by government regulators before merging.
The shares of the combined company are expected to start trading on the London Stock Exchange on Monday, February 3. And the company said an investigation by Britain’s Competition and Markets Authority (CMA) is still ongoing and must continue operating under separate management and branding until approved, according to Reuters. The official approval is expected to take place on March 5.
The investigation by the CMA is based on whether Takeaway could potentially still enter the UK market if the take care of Just Eat does not succeed. Takeaway shut down its UK operations back in 2016.
Just Eat said that the merger will not result in a “significant lessening” of competition in the online food delivery market in the UK. And Just Eat said that it will fully abide by the CMA’s order and will work closely with the organization during the investigation process. A few weeks ago, Takeaway outbid Prosus NV for the deal.
Recently, Just Eat reported 2019 core earnings of 200 million pounds. And the company also partnered with McDonald’s in Britain and Ireland.
