The acquisition of Hungryhouse is valued at £200m – with a further cash amount of £40m possible, depending on its performance between signing and completion of transaction. The purchase – funded through cash resources and credit facilities – is subject to approval by the Competition and Markets Authority.
“The sale of Hungryhouse to Just Eat rationalizes our global footprint, and we remain focused on operating market leading brands, globally. Proceeds from this sale will allow us to pursue further global growth and profitability opportunities,” said Niklas Östberg, CEO of Delivery Hero.
David Buttress, CEO of Just Eat, added: “The UK has long been an engine of growth for Just Eat. While we have significantly expanded internationally in recent years, we have remained focused on building a high growth, sustainably profitable business domestically.”
Meanwhile, the additional international acquisition of SkipTheDishes cost Just Eat CAD$110m (£66m) and is expected to be completed on 15 December.
Earlier in 2016, Just Eat acquired four other similar online food delivery companies as it continues to show substantial growth in the global market to battle with the likes of UberEats and Deliveroo.
Source: Mobile Marketing Magazine