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 Takeaway.com NV’s disposal of its ailing US business has sparked the stock’s strongest weekly rally in over two years.

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.