Takeaway giant struggles to sell US arm as markets collapse
Just Eat Takeaway has lost more than three quarters of its value on the stock market since September
Just Eat Takeaway’s sale of Grubhub has been thrown into disarray as bosses prepare for a multibillion-pound writedown on the US business in what could go down as one of the tech sector’s most disastrous deals.
Bankers from Bank of America have the task of finding a buyer or strategic partner for the American food delivery operator, which Just Eat Takeaway bought for $7.3 billion (£5.8 billion) less than a year ago.
However, sources said Grubhub was being offered to potential bidders at a fraction of that amid a global tech stock sell-off — and it may not find a buyer at all.
It is the latest crisis for the takeaway giant, which has suspended a senior executive and is seeking a new chairman.