Just Eat Takeaway.com JTKWY has announced the sale of its U.S. food delivery business, Grubhub, to Wonder Group for an enterprise value of $650 million.

What Happened: This deal follows ongoing efforts to divest Grubhub after pressure from investors. The transaction is expected to generate net proceeds of up to $50 million for Just Eat Takeaway after adjustments.

The completion is set for the first quarter of 2025, pending regulatory approval. The sale is aimed at improving Just Eat’s financial position, supporting investment in key markets, and boosting cash flow.

Wonder, which acquired meal kit company Blue Apron in 2023, plans to integrate Grubhub into its food service platform. Shares of Just Eat rose 20% following the announcement.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote