Food delivery site Just Eat and Dutch business Takeaway.com have confirmed they had agreed key terms for their possible £9bn all-share merger.
Following completion of the deal Just Eat shareholders would own approximately 52.2 per cent of the company and Takeaway shareholders would own approximately 47.8 per cent.
The deal would create an online food delivery platform with 360m orders worth €7.3bn (£6.6bn) in 2018.
Just Eat gained more than 4 million customers last year across Europe, Canada, Brazil, Australia and New Zealand. Its revenues are expected to top £1bn this year. It made a pretax profit of £101.7m last year, following a £76m loss in 2017. It will publish first-half results on Wednesday.
In 2018 Just Eat had 26.3 million customers while Takeaway.com had 14.1 million, Just Eat had 221 million orders versus Takeaway.com’s 94 million; Just Eat’s revenue was £780m versus Takeaway.com’s €232m; and Just Eat’s underlying profit (Ebitda) was £180m versus an adjusted loss of €11m for Takeaway.com.
Launched by five Danish entrepreneurs in 2001, Just Eat originally linked customers to restaurants that handled their own deliveries.