JustEat to acquire market leader in Australia and New Zealand

Just Eat will acquire its rival Menulog Group to gain a leadership position in the fast growing markets for takeout food in Australia and New Zealand.

It will pay £445m financed wholly through the issuance of new shares.

In the year to 31 March Menulog generated an operating profit on an EBITDA basis of £1.2m on the back of £13.5m in sales.

The Australian outfit has a selection of more than 5,500 unique restaurants and 1.4m active consumers.

JustEat put the size of the Australian and New Zealand takeaway delivery markets at approximately £1.6bn (A$3.0bn), with the rate of online penetration standing at about 22%.

In a statement the company highlighted how, just as in the UK, those markets have a strong takeaway food culture, a fragmented restaurant market, high levels of disposable income and a high level of e-commerce adoption.