Just Eat disposes of Benelux businesses

Online food delivery service Just Eat has agreed the sale of its businesses in Benelux to Takeaway.com for an enterprise value of €22.5m in cash.

The company said 80% is to be paid on completion, with the rest due six months after completion, subject to the satisfaction of certain obligations.

Chief executive officer David Buttress said: “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."

At 1110 BST, Just Eat shares were up 0.1% to 534.50p.