2nd Aug 2016 10:13
LONDON (Alliance News) - Online takeaway delivery company Just Eat PLC on Tuesday said it has sold its businesses in the Netherlands and Belgium to Takeaway.com for EUR22.5 million.
80% of the cost was paid in cash on completion and the remaining 20% will be paid in six months' time subject to the satisfaction of certain obligations.
"We have always been clear that the competitive dynamics of our industry demand clear market leadership to drive sustainable profitability. The disposal of our Benelux business, where we are number two, delivers on that strategy and comes at the right time for Just Eat. We are the clear leader in our remaining 12 markets and it is appropriate that our time and resources are focused on building on the strong growth we are seeing across those businesses in future," Chief Executive David Buttress said in a statement.
Shares in Just Eat were trading up 0.8% at 538.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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