Daily News: October 11, 2017

Citi Supports Grubhub Acquisition of Eat24

Online restaurant delivery service Grubhub closed its previously announced acquisition of Eat24.

With approximately 75,000 local restaurants available online or on the its mobile app, Grubhub has the most complete restaurant network for online pickup and delivery ordering in the U.S. In conjunction with the acquisition, Grubhub and Yelp inked a long-term partnership agreement, which will bring online ordering for all Grubhub restaurant partners to the Yelp local goods and services platform.

“Grubhub creates unmatched value for our restaurant partners and the best possible experience for diners,” said Matt Maloney, Grubhub CEO. “Eat24’s loyal diner base and extensive restaurant selection will satisfy more diners while driving more orders to restaurants and our drivers. We couldn’t be more excited about the Eat24 acquisition and Yelp partnership.”

With the close of the Eat24 deal, Grubhub has completed all three of the acquisitions discussed on its second-quarter earnings call, including Foodler and OrderUp. In connection with these acquisitions, Grubhub has refinanced its existing credit facility with a new five-year, $350 million committed facility, consisting of a $125 million term loan and an expanded $225 million revolving credit facility.

According to a related 8-K filing, Citibank served as administrative agent for the facility. Citibank, BMO Capital Markets and Merrill Lunch were joint lead arrangers and joint bookrunner.