Bulletin: Grubhub Inc.'s Acquisition By Wonder Group Inc. Has No Immediate Impact On Credit Quality

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 14, 2024--S&P Global Ratings said today that Grubhub Inc. ?s (CCC+/Developing) proposed acquisition by Wonder Group Inc. has no immediate impact on Grubhub?s credit quality or the rating. Wonder Group Inc. announced Nov. 13, 2024, that it has agreed to acquire Grubhub from Just Eat Takeaway.com for a total consideration of $650 million, including $150 million cash and Grubhub?s outstanding $500 million senior unsecured notes due in July 2027. Full details of the proposed transaction, including how Grubhub will integrate with Wonder and the operating strategy, are not yet available. However, we do not anticipate any additional downside risk to our ?CCC+? rating. On a stand-alone

...November 14, 2024 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 14, 2024--S&P Global Ratings said today that Grubhub Inc.'s (###+/Developing) proposed acquisition by Wonder Group Inc. has no immediate impact on Grubhub's credit quality or the rating. Wonder Group Inc. announced Nov. 13, 2024, that it has agreed to acquire Grubhub from Just Eat Takeaway.com for a total consideration of $650 million, including $150 million cash and Grubhub's outstanding $500 million senior unsecured notes due in July 2027. Full details of the proposed transaction, including how Grubhub will integrate with Wonder and the operating strategy, are not yet available. However, we do not anticipate any additional downside risk to our `###+' rating. On a stand-alone basis, Grubhub began generating modest positive free operating cash flow (FOCF) and S&P Global Ratings-adjusted EBITDA through the first half of 2024 after negative FOCF and EBITDA over the 2021-2023. The transaction...

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