Marvel buying Grubhub for $650M

Marvel, a digital meals corridor providing multi-restaurant ordering, is buying Grubhub from Simply Eat Takeaway.com for $650 million, together with $500 million of senior notes and $150 million money. Completion is predicted throughout Q1 2025, topic to customary closing situations together with regulatory approvals.

Based by former Walmart CEO Marc Lore, Marvel additionally introduced an extra $250 million in capital raised completely from new buyers to additional its mission and development. It had beforehand raised over $1.5 billion.

“Marvel’s acquisition of Grubhub continues our mission to make nice meals extra accessible,” Lore stated in an organization press launch. ” As we improve our buyer expertise with choice, pace and selection, we’re excited to quickly supply a curated collection of Grubhub’s restaurant companions immediately within the Marvel app, alongside our owned and operated eating places and meal kits. Bringing Marvel and Grubhub collectively is the following step in our imaginative and prescient to create the tremendous app for time for supper, re-envisioning the way forward for meals supply.”

Grubhub CEO Howard Migdal stated he was excited concerning the merger.

“Since our earliest days, Grubhub has helped eating places open their doorways to new prospects whereas introducing diners to new cuisines,” he stated within the launch. “That is why I am assured that Grubhub will complement Marvel’s mission to make nice meals extra accessible and that collectively we’ll create outstanding eating experiences for extra prospects throughout the nation.”

Marvel, which has 28 places and can add seven by 12 months’s finish, options choices from well-known cooks, together with Bobby Flay, Marcus Samuelsson and Jose Andres, and eating places, resembling Maydan, Tejas Barbecue, Di Fara Pizza and Fred’s Meat and Bread.

Jefferies served as Marvel’s unique monetary adviser on the transaction.