Just Eat Takeaway.com has finally closed the sale of Grubhub, its US-based food delivery business, to Wonder, a food startup founded by e-commerce veteran Marc Lore. The deal, announced on Tuesday, has an enterprise value of $650 million, but Grubhub is coming with a significant amount of debt, approximately $500 million. After factoring in other M&A fees, Just Eat Takeaway.com will be left with a mere $50 million, a fraction of the $7.3 billion valuation Grubhub had when Just Eat Takeaway.com acquired it in an all-share deal in 2020.

The sale marks a significant shift in the food delivery industry, which has been undergoing a period of consolidation and downsizing. After years of overinvestment and unrealistic growth targets, companies are now focusing on profitability and streamlining their operations. Just Eat Takeaway.com, in particular, is looking to invest in countries where it has a competitive advantage, indicating a more targeted approach to its business.

For Wonder, the acquisition of Grubhub provides a national footprint in the US, albeit one that comes with significant debt. Marc Lore, Wonder's founder and CEO, has a reputation for building and selling successful e-commerce companies, having previously founded and sold businesses to Amazon and Walmart. Wonder has raised around $1.7 billion and is reportedly planning to go public in the coming years at a $40 billion valuation. However, achieving this goal will require significant growth beyond its current state.

The challenge for Wonder will be to turn around Grubhub's fortunes, which have been hampered by its debt. The food delivery market in the US is highly competitive, and Grubhub has struggled to gain traction in recent years. Wonder will need to implement significant changes to Grubhub's operations and business model to make it profitable and competitive in the market.

The sale of Grubhub also highlights the ongoing trend of consolidation in the food delivery industry. As companies focus on profitability and efficiency, we can expect to see more mergers and acquisitions in the coming years. Just Eat Takeaway.com's decision to sell Grubhub is a strategic one, allowing the company to focus on its core business and invest in areas where it has a competitive advantage.

In conclusion, the sale of Grubhub to Wonder marks a significant shift in the food delivery industry, highlighting the importance of profitability and efficiency in a highly competitive market. As companies continue to consolidate and downsize, we can expect to see significant changes in the industry's landscape in the coming years.