2 Aug 2016 11:00
2 August 2016
JUST EAT plc
("JUST EAT", the "Company" or the "Group")
Disposal of Benelux businesses
JUST EAT plc (LSE: JE), the world's leading digital marketplace for takeaway food delivery, announces that it has agreed the sale of its businesses in Benelux (the Netherlands and Belgium) to Takeaway.com (the "Transaction").
The enterprise value for the Transaction is €22.5 million payable in cash, of which 80% was paid on completion and 20% will be paid six months after completion, subject to the satisfaction of certain obligations.
David Buttress, CEO, commented: "We have always been clear that the competitive dynamics of our industry demand clear market leadership to drive sustainable profitability. The disposal of our Benelux business, where we are number two, delivers on that strategy and comes at the right time for JUST EAT. We are the clear leader in our remaining 12 markets and it is appropriate that our time and resources are focused on building on the strong growth we are seeing across those businesses in future."
Jitse Groen, CEO and founder of Takeaway.com, commented: "We are pleased to acquire the Benelux businesses of JUST EAT. These activities are complementary to our operations and will further strengthen our leading positions in Continental Europe. This transaction is in line with Takeaway.com's strategy to drive sustainable leadership positions in each of the 11 markets it operates in.
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Enquiries: | |
JUST EAT | +44 (0)20 3667 6900 |
Adam Kay, Head of Investor Relations |
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Brunswick Group LLP | +44 (0)20 7404 5959 |
Sarah West, David Litterick, Chris Buscombe |
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Forward-looking statements:
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements. Any forward-looking statements in this announcement reflect management's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect events or circumstances after the date of this announcement.
About JUST EAT:
JUST EAT plc operates the world's leading digital marketplace for takeaway food delivery. Headquartered in London, we use proprietary technology to offer a quick and efficient digital ordering service for over 15.5 million active users and over 62,800 takeaway restaurants. JUST EAT is a member of the FTSE 250 Index.