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Takeaway.com to issue 1 billion euro convertible bond

AMSTERDAM, Feb 1 (Reuters) - Just Eat Takeaway.com , the Amsterdam-based food ordering and delivery company, said on Monday it would issue a 1 billion euro ($1.2 billion) convertible bond to raise funds for general purposes and to “act on strategic opportunities which may arise.”

Takeaway said in a statement that it intends to continue to “invest heavily and prioritize market share over” earnings from operations.

On Jan. 13 the loss-making company said it had seen a 57% increase in orders in the fourth quarter. It will present its fourth quarter and full year 2020 earnings report on March 10.

“Management expects further growth acceleration in the first quarter of 2021,” Takeaway said on Monday.

The company said that it would not use the bond money to raise its $6.9 billion takeover offer for U.S. rival GrubHub . However, it might use part of it to cover costs of the transaction and meet funding requirements for iFood, the Brazilian food delivery business in which it owns a minority stake. ($1 = 0.8282 euros) (Reporting by Toby Sterling; Editing by Susan Fenton)

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