Deals to buy Israeli online food delivery firm 10bis

JERUSALEM (Reuters) - European online food delivery firm TKWY.AS said it signed a deal to buy Israeli online ordering company 10bis from TA Associates and founder Tamir Carmel for 135 million euros ($157 million) in cash.

The transaction strengthens Takeaway’s tech leadership in food delivery, it said in a statement on Monday.

It noted that while Takeaway is predominantly a business to consumer brand, 95 percent of 10bis’ orders are business to business, enabling Takeaway to expand into this area.

In 2017, 10bis processed 15.2 million orders worth more than 140 million euros, resulting in revenue of 13.2 million euros and an adjusted earnings before interest, taxes, depreciation and amortization of 5.7 million euros.

The transaction, expected to be completed by the end of 2018 and subject to approval by Takeaway’s shareholders, will be financed by a 150 million euro bridge facility from ABN Amro Bank NV.

Reporting by Steven Scheer