Deals and IPOs

Just Eat and agree terms of $10 billion merger

A food delivery courier working for Just Eat in London.
Simon Dawson | Bloomberg | Getty Images

European online food delivery rivals and Just Eat said on Monday they had agreed in principle to create one of the largest players in the sector globally through an 8.2 billion pounds ($10.1 billion) all-share deal.

Shareholders in London-listed Just Eat will receive 0.09744 shares for each of share, implying a value of 731 pence per Just Eat share, a 15% premium to the closing price on Friday.

Just-Eat and Amsterdam-based said they were in talks on Saturday.

Just Eat shareholders would own about 52.2% of the combined group, which together had 360 million orders worth 7.3 billion euros in 2018, the companies said on Monday.

The combined companies will leadership positions in many of the world's largest food delivery markets, including the United Kingdom, Germany, the Netherlands and Canada, they said.

Just Eat chairman Mike Evans will chair the combine group, while chief executive Jitse Groen will assume the role of CEO at the company, which will be incorporated, headquartered and domiciled in Amsterdam, the companies said.