- Just Eat Takeaway.com NV JTKWY has brought down the valuation of its U.S. subsidiary, Grubhub by €3 billion, the Financial Times reported.
- The move comes as Just Eat is in the process of placing Grubhub on sale as valuations for technology companies have dropped tremendously.
- Just Eat acquired Grubhub last year for $7.3 billion.
- The food delivery market, which saw a sharp rise during the COVID-19 pandemic, is facing a slowdown as economic restrictions are being lifted.
- Just Eat on Wednesday reported a 7% drop in orders in the first half of 2022.
- Price Action: JTKWY shares closed lower by 2.70% at $3.78 on Tuesday.
- Photo by Haydn Blackey via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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