Seth Klarman Hedge Fund Buys $645 Million Stake in Just Eat Takeaway

Seth Klarman’s hedge fund, Baupost Group, bought a 3.5% stake in Dutch food-delivery company Just Eat NV. 

The Boston-based firm run by renowned value investor Klarman acquired the stake in a transaction dated Aug. 4, according to a regulatory filing on Thursday. The shares were valued at about 549 million euros ($645 million) as of Wednesday’s closing price. 

Seth Klarman Hedge Fund Buys $645 Million Stake in Just Eat Takeaway

Companies that let customers order groceries and restaurant meals online have surged in the last year as users turned to the apps during pandemic lockdowns. Financial results from rivals such as Delivery Hero SE and Deliveroo Plc this week have shown that consumers are keeping the habit even as restrictions on shopping and indoor dining lift in many markets. 

Still, Just Eat Takeaway’s shares have declined about 20% so far this year. The Amsterdam-based company said order growth slowed in the second quarter from the previous period. In June, it completed a $7.3 billion acquisition of U.S.-based delivery company Grubhub. 

Shareholder Cat Rock Capital Management LP has called Just Eat Takeaway “deeply undervalued,” saying the delivery firm “can quickly and materially improve its standing in the capital markets by improving transparency, selling non-core assets, and exploring strategic options.”

A representative for Just Eat Takeaway declined to comment. A spokesperson for Baupost didn’t respond immediately to a request for comment. 

Just Eat Takeaway rose 0.2% to 74.03 euros at 2:57 p.m. in Amsterdam trading. 

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