Netherlands-based food delivery company Just Eat Takeaway.com announced its plans to de-list its stock from the London stock exchange at the end of this year, the latest large company to withdraw from the bourse.
The step was aimed at reducing 'the administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining the LSE listing... in the context of low liquidity and trading volumes', the company said.
Just Eat shares will keep being traded on Amsterdam's Euronext exchange, the company said, adding that it could proceed with the London de-listing without asking shareholders for approval.
Other big companies including travel giant TUI and Flutter Entertainment have also left London recently while others are considering such a move, facing pressure from investors following Brexit-related complications that have squeezed UK market valuations.
Grubhub Divestiture
Earlier this month, Just Eat Takeaway.com announced plans to sell its US unit Grubhub to Wonder for an enterprise value of $650 million (€612 million).
Grubhub will be transferred with its $500 million (€471 million) of senior notes and, after customary adjustments, net proceeds to the company are expected to be up to $50 million (€47 million).
Completion of the sale is expected during the first quarter of 2025, subject to customary closing conditions including regulatory approvals.
The company reported progress across its key strategic pillars, namely Northern Europe, the UK and Ireland, in the third quarter of its financial year.
Overall in 2024, constant current Gross Transaction Value (GTV) growth, excluding North America, has been in the range of 2% to 6%, year on year, with an adjusted EBITDA of approximately €450 million.
