Just Eat Takeaway.com has sold Grubhub to Wonder for $650 million, but the deal comes with $500 million in debt, netting Just Eat only $50 million.
This sale emphasizes the food delivery industry's shift towards profitability, moving away from unrealistic growth targets and overinvestment that has characterized past years.
Marc Lore, founder of Wonder, aims to make the company public with a $40 billion valuation, but faces challenges in turning Grubhub's debt-laden business around.
Just Eat Takeaway will now concentrate on investments in countries where it holds a competitive edge, indicating a strategic pivot after the sale.
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