Apollo Global Shows Interest in Just Eat Takeaway’s Grubhub

Grubhub might be seeing some interest from private equity firms for a possible buy, a report from Bloomberg said Thursday (June 9).

One of them is Apollo Global, based in New York.

Parent company Just Eat Takeaway, which has been mulling the sale of the delivery firm due to investor pressures after only buying it last year, might have a hard time making up for the $7.3 billion it paid to make the sale.

Some of the suitors are only considering offers around $1 billion.

There are a few investment firms which have wanted to team with Grubhub’s co-founder, Matt Maloney — though there’s no clear frontrunner yet, anonymous sources told Bloomberg.

The idea of the sale has come as Just Eat Takeaway has seen a dip in its shares by 74% over the past year, with a slowdown in growth and more of a plunge in the worth of tech stocks as inflation rises.

See also: Grubhub Co-Founder Reportedly Wanted to Buy It Back

Reports in recent weeks have talked about the aforementioned price drop, which happened due to a lack of interest from investors, with the company looking into ways to entice buyers to come forward.

And some reports said it’s possible no buyers could come forward.

All of this has been happening as Just Eat Takeaway CEO Jitse Groen said he wanted to focus on boosting profitability and strengthening the business.

The developing saga comes as a shift in Just Eat Takeaway’s opinion of whether it would retain Grubhub—originally, it saw the other company as a good asset, denying wanting to sell it at all. The company says delisting its shares from Nasdaq didn’t indicate that it wanted to sell Grubhub.