Europe's biggest meal delivery firm Just Eat Takeaway said on Wednesday it had agreed to sell its U.S. unit Grubhub to Wonder at a steep loss to the billions it paid a few years ago, ending a years-long search for a buyer and boosting its shares.

Just Eat is selling off Grubhub to fancy food hall delivery startup Wonder in a deal worth $650 million. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals. Wonder is owned by businessman Marc Lore, the former Walmart e-commerce CEO and part-owner of the Minnesota Timberwolves.

European food delivery giant Just Eat Takeaway.com is selling Grubhub for $650 million, a fraction of the billions it spent to buy the U.S. platform just three years ago.