London-based Just-Eat, an online takeaway delivery provider, has sold its minority stake in Online Pizza, a Swedish online takeaway company.
The funds from the sale of the shares, which amounted to 18.5 percent of Online Pizza, will be reinvested in the 13 markets in which Just-Eat currently operates.
"Online takeaway is booming as local restaurants embrace e-commerce. Our investment in Online Pizza has yielded a very attractive return, giving us additional cash that will be put toward the continued development of the business in key markets and cementing our position as the global leader," said Klaus Nyengaard, CEO of Just-Eat.
In January, Just-Eat announced a joint venture in France with Alloresto. The partnership was part of a period of aggressive expansion which saw the company make seven acquisitions in 2011, in the UK, Italy, Switzerland, Brazil, Canada and India. This rapid growth was supported by a $48 million round of funding in March 2011.
Just-Eat, launched in Denmark in 2001, is based in London and is now active in 13 countries. Just-Eat delivers more than 100,000 meals a day and has received more than 30 million orders since the site launched. There are currently more than 20,000 takeaway restaurants signed up to Just-Eat's site which uses proprietary technology to offer an efficient on-line ordering service.
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