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.

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