Europe's Just Eat Takeaway to buy Grubhub for $7.3 bln

Europe's Just Eat said on Wednesday that it's agreed to buy Chicago-based food ordering company Grubhub in an all-stock deal worth $7.3 billion that, if completed, would create the world's largest food delivery firm outside China.

In a joint statement, Just Eat and Grubhub said the deal would create "a company built around four of the world's largest profit pools in food delivery: the U.S., the UK, the Netherlands and Germany."

The merger would open up a new market to Just Eat, which has strong positions around Europe and in Canada.

For Grubhub, the deal offers an escape from the antitrust concerns that plagued its talks with Uber Eats, which approached Grubhub in May for an all-stock deal that fell apart this week.

Shares of Grubhub spiked more than 7% in after hours trading, while Just Eat Takeaway shares fell more than 10% in Amsterdam on Wednesday’s news.