Just Eat Takeaway and Amazon said they had teamed up to give Amazon Prime members access to free deliveries using the fast-food delivery platform’s Grubhub app.
Under the agreement, which automatically renews each year unless terminated by one of the parties, Amazon will receive warrants over 2% of Grubhub’s fully-diluted common equity.
It will also receive warrants – exercisable at a formula-based price – over up to a further 13% of Grubhub’s fully-diluted common equity. Vesting is subject performance conditions, mainly the number of new consumers delivered through the deal.
Just Eat Takeaway added it continued 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),” it added.
Reporting by Frank Prenesti at Sharecast.com
