Just Eat Takeaway.com raises €700 million, finally gets the merger deal approved

Just Eat Takeaway.com raises €700 million, finally gets the merger deal approved

Just Eat Takeaway.com, the company created by the merger of the Dutch food delivery behemoth Takeaway.com and the UK-born Just Eat, has picked up an extra €700 million through issuing new shares and convertible bonds. The placement is conditional to the admission of the merged company to trade on the London Stock Exchange and Euronext Amsterdam, which is expected to become effective on April 27.

The company mentioned in the press release that part of the fresh funding will be used to “partially pay down revolving credit facilities currently utilised by both Just Eat and Takeaway.com,” as well as to be ready “act on strategic opportunities which may arise.”

Also today, the UK's Competition Market Authority announced that it's finally cleared the £6.2 billion merger deal itself. This follows an investigation, in which the CMA looked at whether Takeaway.com would have entered the UK market if it didn't merge with JustEat.

”As there are only a small number of companies that act as the middle-man between restaurants and customers, re-entry by Takeaway.com could have given UK customers more choice – and possibly better value for money or quality of service – when deciding what to order,” CMA stated. “However, after carefully investigating these concerns and scrutinising large volumes of the two companies’ own internal business documents, the CMA is satisfied that there is not a material likelihood that Takeaway.com would have re-entered the UK in the future, had the merger not gone ahead.”

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