Last week’s sale of Grubhub to Wonder was a long time coming for the marketplace, whose market share has shrunk from ~17% in 2019 to just ~6% today. The marketplace, which originally merged with SeamlessWeb in 2013, IPOed in 2014 before Uber and Just Eat Takeaway (JET) fought to swoop it up in May 2020. Uber backed away after Netherlands-based JET made an all-stock offer for $7.3bn, citing antitrust concerns around having a majority share of the US delivery market. The deal closed in June ‘21, with the combined entity trading on Nasdaq under the ticker $GRUB. Since then, JET has lost over 80% of its market cap after facing post-pandemic headwinds in its European business and losing investor trust after the acquisition. Facing activist pressure, the company announced that it would explore a full or partial sale of Grubhub over two years ago. It turned down multiple billion-dollar bids from groups including former CEO Matt Maloney before ultimately agreeing to sell to Wonder. So, how good of a deal did Wonder get with Grubhub and what synergies might exist between it and the startup?