Meal kit company Blue Apron revealed Friday that it has entered into a definitive merger agreement to be acquired by Wonder Group, a home dining and food delivery business.
Under the terms of the agreement, which has been unanimously approved by Blue Apron’s board of directors, Blue Apron stockholders will receive $13.00 in cash per share of Class A common stock through a tender offer, representing an equity value of roughly $103 million.
“By joining forces with Wonder, we continue to realize our vision of Better Living Through Better Food, and support how families and loved ones come together over food,” said Blue Apron president and CEO, Linda Findley, in a statement. “The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future”
Following the close of this transaction, Wonder plans to continue Blue Apron’s current operations serving customers under the Blue Apron brand, with expected new synergies between consumer-facing apps and delivery logistics.
“Wonder is creating the mealtime super app, serving a broad range of occasions that feature cuisines from some of the world’s best chefs and restaurants while leveraging our culinary engineering and vertically-integrated model,” said Wonder Group founder and CEO, Marc Lore, in a statement. “At-home meals play a key role in this vision and have been on our strategic roadmap since the beginning. When the opportunity presented itself to unite with Blue Apron, pioneers in the meal kit industry, we knew it would accelerate our strategic position, create immediate opportunities for synergy, and most importantly, enable us to further delight customers by expanding the ways you can access and experience Wonder.”
The transaction is expected to close by the end of 2023, subject to customary closing conditions.
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