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Yelp Stock Skyrockets 27% After Selling Eat24 to GrubHub

Yelp YELP jumped 27% in morning trading on Friday after announcing it will sell Eat24 to GrubHub GRUB for $287.5 million in cash. This deal will allow Yelp users to order food online directly from GrubHub.

Shares of the online food ordering company GrubHub have also reacted positively to the news, rising 9% in morning trading.

"The Eat24 team has been instrumental in Yelp's success over the past two years and we are excited to continue to work with them as a part of GrubHub," said Yelp's co-founder and CEO Jeremy Stoppelman.

Yelp acquired Eat24, an online food-ordering business, for $134 million in 2015. Lanny Baker, Yelp's CFO, said that this deal with GrubHub "demonstrates the value we've created over the past two years."

Eat24 will increase GrubHub's network, allowing its users to order food from a larger selection of...