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should apollo pipes limited (531761) be sold ✌️【Customized Planning】✌️ Free stock selection service with expert predictions and real-time market insights, providing you with the best investment strategies for long-term success. Europe’s biggest meal delivery firm, Just Eat Takeaway, said on Wednesday it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million, sending its shares soaring 20% in early trading.

should apollo pipes limited (531761) be sold ✌️【Customized Planning】✌️ Professional investment advice with real-time updates on stock indices and futures data. Stay ahead with expert predictions and market insights. The Amsterdam-listed company had been looking to offload Chicago-based Grubhub sinceas early as 2022, after acquiring it in 2020 in a $7.3 billion deal amid a pandemic-driven boom in delivery services — a process that was hampered by slowing growth, high taxes and a question of fee caps in New York City.

“Just Eat Takeaway is at last putting an end to its disastrous U.S. journey,” Bryan Garnier analyst Clement Genelot said, noting the group had destroyed more than $7 billion in shareholder value there.

Grubhub’s enterprise value of $650 million includes $500 million of senior notes and $150 million cash, Wonder said in a statement.

Just Eat CEO Jitse Groen had in Februarysaidthe M&A environment was not easy in the U.S., where fee caps cost the group some $100 million per year.

Grubhub and U.S. peers DoorDash and Uber Eats have been in alegal battlewith New York City over a law capping how much they can charge restaurants for delivering meals.

JPMorgan said in a note it had argued for an about $1.2 billion valuation for Grubhub in the past, but the market would view the long-awaited deal as positive even at a lower valuation.

should apollo pipes limited (531761) be sold ✌️【Customized Planning】✌️ Expert predictions on stock market movements with real-time data, ensuring you can make quick decisions and capture market opportunities. The transaction is expected to be completed in the first quarter of 2025, and Just Eat said it would not impact itsfull-year guidanceand that it retains no material liabilities associated with Grubhub.

However, analysts said Just Eat might need to exit other markets as well to close the valuation gap with European peers, naming Australia and Canada as options.

Excluding the U.S., Just Eat operates in 18 countries. It exited New Zealand and France earlier this year.

If the gains hold, Just Eat’s shares will see their biggest daily rise since August 2022, wiping out most of their year-to-day losses that stood at 18.1% at Tuesday’s close.

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