TIDMJET
RNS Number : 4887R
Just Eat Takeaway.com N.V.
06 July 2022
Amsterdam, 6 July 2022
Just Eat Takeaway.com and Amazon enter into commercial agreement
in the US
Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY), hereinafter
the "Company", or together with its group companies "Just Eat
Takeaway.com", one of the world's largest online food delivery
marketplaces, has entered into a commercial agreement with
Amazon.com Services LLC ("Amazon") in the United States.
Starting today , Amazon Prime members in the United States can
sign up for a free, one-year Grubhub+ membership and access
unlimited $0 delivery fees from hundreds of thousands of
restaurants on Grubhub throughout the year. In addition to $0
delivery on eligible orders, Grubhub+ members get access to
member-only perks and rewards.
The agreement is expected to expand membership to Grubhub+,
while having a neutral impact on Grubhub's 2022 earnings and cash
flow, and be earnings and cash flow accretive for Grubhub from 2023
onwards.
Adam DeWitt, CEO of Grubhub, said: "I am incredibly excited to
announce this collaboration with Amazon that will help Grubhub
continue to deliver on our long-standing mission to connect more
diners with local restaurants. Amazon has redefined convenience
with Prime and we're confident this offering will expose many new
diners to the value of Grubhub+ while driving more business to our
restaurant partners and drivers."
Key Terms
The commercial agreement automatically renews each year unless
terminated by Amazon or Grubhub in accordance with the provisions
of the commercial agreement. Under the commercial agreement, a
subsidiary of Amazon will receive warrants (exercisable at a de
minimis price) over 2% of Grubhub's fully-diluted common equity.
Amazon will also receive warrants (exercisable at a formula-based
price) over up to a further 13% of Grubhub's fully-diluted common
equity, the vesting of which is subject to the satisfaction of
certain performance conditions, principally the number of new
consumers delivered through the commercial agreement. In certain
circumstances the warrants can vest on an accelerated basis, in
full or in part. Vested warrants may, in certain scenarios, be
settled in cash or Company shares.
The commercial agreement with Amazon constitutes a Class 2
transaction under the UK Financial Conduct Authority Listing Rules.
The gross assets of Grubhub as at 31 December 2021 were EUR6,521
million and the loss before tax for the 12 months ending 31
December 2021 was EUR403 million.
The Company, together with its advisors, continues to actively
explore the partial or full sale of Grubhub. There can be no
certainty that any agreement with any other parties regarding
Grubhub will be reached or about the timing or terms of any such
agreement(s). Any further announcements will be made as and when
appropriate.
Just Eat Takeaway.com
Jitse Groen, CEO
Brent Wissink, CFO
Investors:
Joris Wilton
E: IR@justeattakeaway.com
Media:
E: press@justeattakeaway.com
For more information, please visit our corporate website:
https://justeattakeaway.com
About Just Eat Takeaway.com
Just Eat Takeaway.com (LSE: JET, AMS: TKWY) is a leading global
online food delivery marketplace.
Headquartered in Amsterdam, Just Eat Takeaway.com is focused on
connecting consumers and restaurants through its platforms. With
over 634,000 connected partners, Just Eat Takeaway.com offers
consumers a wide variety of food choice. Just Eat Takeaway.com
mainly collaborates with delivery restaurants. In addition, Just
Eat Takeaway.com provides its proprietary restaurant delivery
services for restaurants that do not deliver themselves.
Just Eat Takeaway.com has rapidly grown to become a leading
online food delivery marketplace with operations in the United
States, United Kingdom, Germany, the Netherlands, Canada,
Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland,
Israel, Italy, Luxembourg, New Zealand, Poland, Slovakia, Spain and
Switzerland, as well as through partnerships in Colombia and
Brazil.
Market Abuse Regulation
This press release contains inside information (i) as meant in
clause 7(1) of the Market Abuse Regulation and (ii) in terms of
Article 7(1) of the Market Abuse Regulation as it forms part of UK
law pursuant to the European Union (Withdrawal) Act 2018.
Disclaimer
Statements included in this press release that are not
historical facts are, or may be deemed to be, forward-looking
statements, including "forward-looking statements" made within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements may be identified by the use
of forward-looking terminology, including the terms "anticipates",
"expects", "intends", "may" or "will" or comparable terminology, or
by discussions of strategy, plans, objectives, goals, future events
or intentions. Forward-looking statements may and often do differ
materially from actual results, reflect the Company's current view
with respect to future events and are subject to risks relating to
future events, including risks from or uncertainties related to
innovation; competition; brand & reputation; acquisitions;
global strategic projects; technological reliability and
availability; social change, legislation & regulation; data
security and privacy; financial reporting, people, operational
complexity of hybrid model and integration & transformation, as
well as those contained in the Company's filings with the SEC,
including the Company's registration statement on Form 20-F and
Current Reports on Form 6-K, which may be obtained free of charge
at the SEC's website, http://www.sec.gov, and the Company's Annual
Reports, which may be obtained free of charge from the Company's
corporate website, https://justeattakeaway.com.
Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser.
Forward-looking statements reflect knowledge and information
available at, and speak only as of, the date they are made, and the
Company expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in
this announcement. Readers are cautioned not to place undue
reliance on such forward-looking statements.
No Offer or Solicitation
This presentation shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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END
PRLUNANRUNUBRRR
(END) Dow Jones Newswires
July 06, 2022 02:19 ET (06:19 GMT)
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