• Deutsche Bank named depositary bank for Just Eat Takeaway.com’s acquisition of Grubhub

June 2021

Deutsche Bank has been appointed as American Depositary Receipt (ADR) depositary bank for Just Eat Takeaway.com’s (JET) acquisition of 100% of the shares of US headquartered online food ordering company Grubhub. The transaction is one of many that the bank has supported involving ADRs as the acquisition currency.   

JET is a leading global online food delivery marketplace. Headquartered in Amsterdam, it connects consumers and restaurants to its platforms and also provides restaurant delivery services for restaurants that do not deliver themselves. 

The acquisition of Grubhub represents Just Eat Takeaway.com’s entry into online food delivery in the United States and builds on the strategic rationale for its recent merger with Just Eat plc. A combined Just EatTakeaway.com and Grubhub is in line to become one of the world’s largest online food delivery company’s outside of China, with strong brands connecting restaurant partners with their customers in 25 countries.   

The transaction involved the issuing of new ADRs to existing shareholders of Grubhub. Deutsche Bank’s Depositary Receipts team in the Trust & Agency Services business demonstrated seamless execution and coordination with Just Eat Takeaway.com’s Dutch and US project team for over a six month period.  The process involved the conversion of three unsponsored ADR programs into a single sponsored program, a ratio change, a US listing, the settlement of the Dutch shares in Deutsche Bank Amsterdam’s custody account and the issue of ADRs upon the acquisition closing. 

“In recent years, Deutsche Bank has been at the forefront in handling acquisitions using ADRs. The JET transaction is yet another example of a company appointing a trusted partner with the right expertise required to ensure a smooth and successful completion,” stated Daniel Clark, Global Head of Depositary Receipts, Deutsche Bank. 

The company shares are traded in London (LSE: JET), Euronext Amsterdam (AMS: TKWY) and the new JET ADRs on NASDAQ in the US (NASDAQ: GRUB).