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European stocks closed higher on Wednesday as markets sought to reverse a negative slide in the previous trading session.
Amazon may be deeply embedded in consumers' daily routines in so many aspects of their life — from ordering household essentials to streaming content — but the behemoth has yet to make a dent in competitor Walmart's lead in food and beverage categories.
Amazon has acquired a 2% stake in Grubhub, the North America-based subsidiary of European food delivery giant Just Eat Takeaway, the Amsterdam-based company announced Wednesday. Shares of Just Eat (OCTUS: JTKWY) were trading up nearly 20% on the news Wednesday morning, while rival DoorDash's stock (NYSE: DASH) was down about 10%.
Timing is everything, as it turns out.
Yahoo Finance Live anchors Brian Sozzi and Brad Smith break down Amazon's 2% investment in Grubhub.
Amazon (AMZN) and Just Eat Takeaway.com (TKAYF) stocks are on the move today following news of a commercial deal concerning Grubhub. The post AMZN, TKAYF: 9 Things to Know About the Amazon Grubhub Deal appeared first on InvestorPlace.
Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) has entered into an agreement that allows for US-based Amazon Prime members to get free takeaway deliveries. Grubhub is Just Eats' US business and as part of the agreement, Prime members can sign up for a free, one-year Grubhub+ membership, with unlimited US$0 delivery fees from thousands of restaurants.
Amazon.com Inc (NASDAQ: AMZN) agreed to acquire a 2% stake in Just Eat Takeaway.com N.V.'s (OTC: JTKWY) struggling U.S. meal delivery business Grubhub and offer its Prime members access to the service for a year.
As part of the deal Amazon will have the option to acquire up to a 15% stake in Grubhub.
Amazon could earn a 2% to 15% stake in food delivery firm Grubhub as part of a deal with parent company Just Eat Takeaway.com that offers Amazon Prime customers a free membership to the service and no-fee delivery from select restaurants.