Online food ordering giant Just Eat raises €1.1 billion in convertible bond offering

Just Eat, the Amsterdam-based food ordering and delivery juggernaut, has raised €1.1 billion through a two-tranche convertible bonds offering, for general purposes but also to bankroll “strategic opportunities which may arise”.

The Dutch company said that it would not use the bond money to raise its $6.9 billion takeover offer for US rival GrubHub, but that it might use a portion of it to cover costs of the transaction and meet funding requirements for iFood, the Brazilian food delivery business in which it owns a minority stake.

Just is of course locked in a high-stakes battle with the likes of Uber (Eats), Deliveroo, Delivery Hero and (many) more, particularly as the coronavirus pandemic has increased the demand for online food orders significantly.

In an earlier statement, the company said it intends to continue to “invest heavily and prioritize market share over” earnings from operations – which means they’re likely to keep chasing acquisitions and expansion rather than profits in the near future.

Just is due to present its Q4 and full year 2020 earnings report on 10 March.

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