Just Eat Sees Best Week Since 2022 After Grubhub Fire Sale
- Stock rallies 27% this week, beating all members in Stoxx 600
- Deal will help reduce costs and boost cash flow, analysts say
A Just Eat delivery worker carries a customer order in Berlin.
Photographer: Liesa Johannssen-Koppitz/BloombergThis article is for subscribers only.
Just Eat Takeaway.com NV’s disposal of its ailing US business has sparked the stock’s strongest weekly rally in over two years.
Shares in the Amsterdam-based food delivery firm are up 27% this week after it agreed to sell Grubhub for $650 million, a steep discount to the $7.3 billion it paid for it during the pandemic. The stock was set for its best weekly performance since July 2022, with the gain beating all other members on the benchmark Stoxx 600.