Online food delivery giant Just Eat has announced a merger with a European market leader.
The London company released a statement on the London Stock Exchange to reveal it had reached an all-share combination agreement with Takeaway.com.
The merged company will be worth £9 billion and headquartered in Amsterdam in the Netherlands. Just Eat said it will continue to be listed on the London Stock Exchange and maintain a significant part of its operations in the UK.
The new company, Just Eat Takeaway.com NV, will have 40 million customers across 20 countries.
Shareholder Cat Rock had put pressure on Just Eat to merge with Takeaway.com, in which it also has a stake, amid growing competition from Deliveroo and Uber Eats.
Just Eat said the deal will ‘create one of the largest online food delivery companies in the world, with scale, strategic vision, industry leading capabilities, leading positions in attractive markets and a diversified geographic presence’.
Just Eat shareholders will own approximately 52.2 per cent of the new company, while Takeaway.com shareholders will own approximately 47.8 per cent.
Takeaway.com CEO Jitse Groen will become CEO of the merged company while Paul Harrison, CFO of Just Eat, will assume the role of CFO of the combined group.
Brent Wissink, currently CFO of Takeaway.com, and Jörg Gerbig, currently COO of Takeaway.com, will assume the role of co-COOs.
Mike Evans, currently the chairman of Just Eat, will assume the role of chairman of the supervisory board of the Combined Group. Adriaan Nühn, currently chairman of the Takeaway.com supervisory board, will assume the role of vice-chairman.