It will complement our existing operations so that Just Eat is best-placed to address this fast-growing market.” Time Out Group, the global multi-platform media and e-commerce business that operates food and cultural markets, has signed a conditional lease agreement for a new Time Out Market in Miami.
The combination of the two businesses would also generate compelling economic benefits of scale, with high operating leverage driving material synergies.
On a 2017 pro forma basis, assuming ownership and integration for the full reporting year, Just Eat would expect Hungryhouse to generate Ebitda of between £12m to £15m, excluding one-off exceptional transaction and integration costs of about £1m.
The acquisition is expected to be earnings per share accretive in the first full year of Just Eat’s ownership.
The acquisition would be funded through cash resources and credit facilities.
Just Eat stated: “The acquisition would generate significant benefits for Just Eat’s restaurant partners and customers.