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.

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.