Netherlands-based food delivery company Just Eat Takeaway.com said on Wednesday that it is selling its U.S. business Grubhub to New York-based

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.

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.