Just Eat and Takeaway.com in £9bn merger talks

This morning it was announced that on-demand food delivery services Just Eat and Takeaway.com are in an ‘agreement in principle’ of a merger between the two companies.

The combination of these two companies would create one of the world’s largest online food delivery platforms in the world with strong market share –  in 2018 both companies had a combined total of 360 million orders worth €7.3 billion.

A press release states that the combination of both companies would mean Just Eat shareholders would own approximately 52.2 per cent and Takeaway.com shareholders to own approximately 47.8 per cent of the share capital – based on the fully diluted ordinary issued share capital of Takeaway.com and excluding dilution from any conversion of Takeaway.com’s convertible bonds.

Upon completion of the merger, it’s noted that Mike Evans, currently the Chairman of Just Eat, will assume the role of Chairman of the Supervisory Board of the Combined Group. Adriaan Nühn, currently Chairman of the Takeaway.com Supervisory Board, will assume the role of Vice-Chairman of the Supervisory Board of the combined group.

Jitse Groen, currently CEO of Takeaway.com, will assume the role of CEO of the Combined Group, and Paul Harrison, currently CFO of Just Eat will assume the role of CFO of the Combined Group. Brent Wissink, currently CFO of Takeaway.com, and Jörg Gerbig, currently COO of Takeaway.com, will assume the role of Co-COOs of the combined group.

Takeaway.com will retain its two-tier board structure, comprising a Supervisory Board of seven members, including Mike Evans, Adriaan Nühn, three members nominated by Just Eat and two members nominated by Takeaway.com, and a Management Board of four members being the three existing Takeaway.com Management Board members (Jitse Groen, Brent Wissink and Jörg Gerbig) and one existing Just Eat director (Paul Harrison).

Once completed, the group’s headquarters will be in Amsterdam and the business will maintain a “significant part of its operations in the United Kingdom.”