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Investing.com — Grubhub dropped nearly 3% as Uber (NYSE:UBER) Eats said it’s moving into Germany.
Just Eat Takeaway, which is buying Grubhub, dominates the German market, according to Bloomberg. Additionally, Just Eat’s CEO said on Twitter that the price for the deal has been finalized after Deal Reporter had speculated it could rise.
“We welcome competition,” Just Eat’s CEO Jitse Groen said on Twitter of the new rival.
Uber had tried to buy Grubhub last year, but Just Eat won the battle for the delivery platform. The demand for delivery, of course, saved our lives over the past year as we hunkered down at home to stem the spread of the coronavirus. It prompted much competition and, subsequently, companies started buying each other.
Recently, Uber bought Postmates and Waitr bought Delivery Dudes.
Last year, Finnish rival Wolt entered German, following Deliveroo’s 2019 exit from the market to focus on other areas.
