Just Eat Takeaway.com Devalues Grubhub By €3B: FT

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