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外卖大战愈演愈烈,“美国版美团”作价73亿美元被收购

外卖大战愈演愈烈,“美国版美团”作价73亿美元被收购

Lizette Chapman, Natalia Drozdiak, 彭博社 2020年06月13日
这笔交易一旦完成,将催生全球最大的一家外卖公司。

欧洲平台Just Eat Takeaway.com同意斥资73亿美元收购总部位于美国的Grubhub,此举顺应了新冠疫情大流行期间外卖订单激增的潮流。交易一旦完成,将催生全球最大的一家外卖公司。

总部位于荷兰阿姆斯特丹的Just Eat Takeaway称,将以全股票交易方式收购GrubHub,每股作价75.15美元,股权价值为73亿美元。Grubhub的股价在盘后交易中上涨了约6%,达到62美元以上,而Just Eat Takeaway的股价则下跌了13%左右。

这笔交易使Uber Technologies望而却步,该公司已经与GrubHub进行了至少一个月的收购谈判。在政治压力下,有人怀疑美国监管机构是否会批准交易。上个月,知情人士透露,Uber和GrubHub在价格上几乎取得一致意见,但其他问题仍然存在分歧;例如,倘若交易无法完成,GrubHub将获得多少分手费的条款,两家公司尚未达成共识。

Grubhub将在美国市场上推出Just Eat Takeaway,扩大其已经遍及全球的业务范围。除了总部所在的欧洲外,Just Eat Takeaway还在澳大利亚、巴西和加拿大开展业务。Takeaway由荷兰人吉特斯·格罗恩于2000年在大学宿舍创立,如今他已成长为亿万富翁,去年也在积极寻求扩张。不到两个月前,Takeaway就斥资80亿美元收购了Just Eat,不过却遭到英国的反垄断审查。

GrubHub的首席执行官马特·马洛尼于2004年帮助创建了这家公司,2013年领导了与竞争对手Seamless的合并,上线了当时占主导地位的外卖网站。但自那以来,GrubHub的地位便一落千丈。市场研究公司Second Measure的数据显示,目前美国外卖市场的领头羊为DoorDash Inc.,该公司和Uber已经占据了大部分市场份额;截至4月底,GrubHub的市场份额为23%。

即使疫情大流行期间,人们花更长时间待在家中,叫了更多外卖,该行业竞争仍然处于白热化状态。由于在签约最受欢迎的餐厅和吸引客户方面竞争激烈,外卖公司的利润率很低,甚至无法盈利。GrubHub第一季度食品总销售额为16亿美元,实现了8%的增长,但公司报告的净亏损约为3300万美元。同期,Uber的外卖订餐总额达46.8亿美元,增幅为52%,但该部门的亏损也有所上升。

一直以来,分析师表示,外卖领域无利可图的模式不会持续下去,预计会出现合并。Uber原本计划通过收购Grubhub提高营收并最终实现外卖业务扭转和盈利,交易失败无疑对公司造成了打击。这一战略变得尤为紧迫,特别是在疫情大流行提振外卖业务、同时重创Uber网约车主业的情况下。Uber已经裁掉了部分员工,并削减了副业。Uber有过依靠并购交易在其运营的市场上取得领先地位的成功案例。

Uber发言人在一份电子邮件声明中称,公司认为行业需要整合,但公司对“与任何玩家做不惜代价的任何交易”不感兴趣。

谈判知情人士称,最近几周,Uber和Grubhub管理层之间的矛盾已经到了剑拔弩张的程度。此人指出,争论点包括:马洛尼和其他Grubhub高管在Uber会起到什么作用?预计在华盛顿发动魅力攻势争取监管机构批准需要一年半的时间,未来的命运将如何?信息提供者希望匿名,因为涉及的是秘密会谈。

Just Eat Takeaway称,马洛尼将加入董事会,负责北美业务的运营。“我和马特是依然傲立行业的外卖行家;我们各自在世纪之交创业,尽管公司开在不同的大洲。”Just Eat Takeaway创始人格罗恩在一份声明中指出。“我们坚信,在外卖行业,只有实现盈利增长的优质公司才能维持运营。”(财富中文网)

译者:Shog

欧洲平台Just Eat Takeaway.com同意斥资73亿美元收购总部位于美国的Grubhub,此举顺应了新冠疫情大流行期间外卖订单激增的潮流。交易一旦完成,将催生全球最大的一家外卖公司。

总部位于荷兰阿姆斯特丹的Just Eat Takeaway称,将以全股票交易方式收购GrubHub,每股作价75.15美元,股权价值为73亿美元。Grubhub的股价在盘后交易中上涨了约6%,达到62美元以上,而Just Eat Takeaway的股价则下跌了13%左右。

这笔交易使Uber Technologies望而却步,该公司已经与GrubHub进行了至少一个月的收购谈判。在政治压力下,有人怀疑美国监管机构是否会批准交易。上个月,知情人士透露,Uber和GrubHub在价格上几乎取得一致意见,但其他问题仍然存在分歧;例如,倘若交易无法完成,GrubHub将获得多少分手费的条款,两家公司尚未达成共识。

Grubhub将在美国市场上推出Just Eat Takeaway,扩大其已经遍及全球的业务范围。除了总部所在的欧洲外,Just Eat Takeaway还在澳大利亚、巴西和加拿大开展业务。Takeaway由荷兰人吉特斯·格罗恩于2000年在大学宿舍创立,如今他已成长为亿万富翁,去年也在积极寻求扩张。不到两个月前,Takeaway就斥资80亿美元收购了Just Eat,不过却遭到英国的反垄断审查。

GrubHub的首席执行官马特·马洛尼于2004年帮助创建了这家公司,2013年领导了与竞争对手Seamless的合并,上线了当时占主导地位的外卖网站。但自那以来,GrubHub的地位便一落千丈。市场研究公司Second Measure的数据显示,目前美国外卖市场的领头羊为DoorDash Inc.,该公司和Uber已经占据了大部分市场份额;截至4月底,GrubHub的市场份额为23%。

即使疫情大流行期间,人们花更长时间待在家中,叫了更多外卖,该行业竞争仍然处于白热化状态。由于在签约最受欢迎的餐厅和吸引客户方面竞争激烈,外卖公司的利润率很低,甚至无法盈利。GrubHub第一季度食品总销售额为16亿美元,实现了8%的增长,但公司报告的净亏损约为3300万美元。同期,Uber的外卖订餐总额达46.8亿美元,增幅为52%,但该部门的亏损也有所上升。

一直以来,分析师表示,外卖领域无利可图的模式不会持续下去,预计会出现合并。Uber原本计划通过收购Grubhub提高营收并最终实现外卖业务扭转和盈利,交易失败无疑对公司造成了打击。这一战略变得尤为紧迫,特别是在疫情大流行提振外卖业务、同时重创Uber网约车主业的情况下。Uber已经裁掉了部分员工,并削减了副业。Uber有过依靠并购交易在其运营的市场上取得领先地位的成功案例。

Uber发言人在一份电子邮件声明中称,公司认为行业需要整合,但公司对“与任何玩家做不惜代价的任何交易”不感兴趣。

谈判知情人士称,最近几周,Uber和Grubhub管理层之间的矛盾已经到了剑拔弩张的程度。此人指出,争论点包括:马洛尼和其他Grubhub高管在Uber会起到什么作用?预计在华盛顿发动魅力攻势争取监管机构批准需要一年半的时间,未来的命运将如何?信息提供者希望匿名,因为涉及的是秘密会谈。

Just Eat Takeaway称,马洛尼将加入董事会,负责北美业务的运营。“我和马特是依然傲立行业的外卖行家;我们各自在世纪之交创业,尽管公司开在不同的大洲。”Just Eat Takeaway创始人格罗恩在一份声明中指出。“我们坚信,在外卖行业,只有实现盈利增长的优质公司才能维持运营。”(财富中文网)

译者:Shog

Europe’s Just Eat Takeaway.com agreed to acquire U.S.-based Grubhub for $7.3 billion, in a deal that creates one of the world’s largest meal-delivery companies as the coronavirus pandemic drives a surge in orders.

Amsterdam-based Just Eat Takeaway said it will pay $75.15 per share for Grubhub in an all-stock deal with an equity value of $7.3 billion. Grubhub’s stock price rose about 6% in extended trading to more than $62, while the European company fell about 13%.

The deal sidelines Uber Technologies, which had been in acquisition talks with Grubhub for at least a month. Political pressure raised questions about whether U.S. regulators would approve such a deal. The two companies had nearly aligned on a price but remained at odds over other issues, including terms of a breakup fee for Grubhub if the deal couldn’t be completed, people familiar with the matter said last month.

Grubhub will launch Just Eat Takeaway into the U.S. market, broadening its already-global reach that includes Australia, Brazil and Canada, in addition to its home base in Europe. Jitse Groen, the Dutch billionaire who created Takeaway in 2000 in his university dorm room, has been looking to expand aggressively over the last year. Less than two months ago, Takeaway received antitrust clearance from the U.K. for its $8 billion acquisition of Just Eat.

Matt Maloney, Grubhub’s chief executive officer, helped start the company in 2004 and led a merger with a competitor, Seamless, in 2013 to create what was then a dominant food delivery website. But Grubhub has fallen far since then. DoorDash Inc., the current leader in the U.S., and Uber have eaten up market share, leaving Grubhub with 23% as of the end of April, according to market research firm Second Measure.

Even as the pandemic has led to a surge in demand for food delivery as people spend more time at home, the industry has been defined by fierce competition. Profit margins are tight or nonexistent due to the stiff competition to sign the most popular restaurants and add customers. Gross food sales for Grubhub rose 8% to $1.6 billion in the first quarter, and the company reported a net loss of about $33 million. Uber’s gross bookings for food delivery increased 52% to $4.68 billion in the same period, but the division’s loss also rose.

Analysts have long said the unprofitable model in food delivery is unsustainable and expected consolidation. For Uber, losing the deal is a blow to the company’s plan to increase revenue and eventually turn a profit from food delivery. That strategy was especially urgent with the pandemic lifting food delivery while decimating Uber’s main business of ride hailing. The company has cut jobs and side businesses as a result. It was relying on deals to achieve a top position in the markets where it operates.

In an emailed statement, a spokesman for Uber said the company believes the industry needs consolidation but that it’s not interested in “doing any deal, at any price, with any player.”

Tensions between management of Uber and Grubhub were boiling over in recent weeks, a person familiar with the discussions said. Among the points of contention: the roles for Maloney and other Grubhub executives at Uber and the fate of a Washington charm offensive to win over regulators that was expected to take a year and a half, said the person, who asked not to be identified because the discussions were private.

Just Eat Takeaway said Maloney will join the board and run the North America business. “Matt and I are the two remaining food delivery veterans in the sector, having started our respective businesses at the turn of the century, albeit on two different continents,” Groen, the Just Eat Takeaway founder, said in a statement. “Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector.”

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