Die-hard couch potatoes will soon have even more food options at their beck and call.

KFC and Taco Bell parent Yum! Brands Inc. (YUM) announced Thursday it's investing $200 million in GrubHub (GRUB) through a private-investment-in-public-equity (PIPE) offering that will also enhance Pizza Hut's already immense delivery capabilities.

Grubhub shares, which also reported better-than-expected earnings results for the fourth quarter, jumped close to 30% Thursday morning to $89.10. For the quarter, Grubhub reported adjusted fourth-quarter earnings of 37 cents a share on revenue of $205.1 million, versus expectations of 31 cents a share on revenue of $201.7 million.

Hungry consumers will practically be able to have fried chicken, Nacho Fries and pizza lobbed through their living room windows in the event of a dietary crisis.

"With the partnership, Grubhub is starting to work with franchisees to test and roll out online ordering for pickup and delivery to thousands of KFC and Taco Bell restaurants in the U.S.," a GrubHub spokesperson told The Deal.

Yum! also today reported results for the fourth quarter ending in December that beat earnings estimates. Fourth-quarter GAAP EPS was $1.26, an increase of 53%. Full-year GAAP EPS was $3.77, an increase of 48%. Yum shares were trading down 1.3% to $79.12.

Startups have been delivering meals and meal kits to consumers for years, but the Yum!- GrubHub partnership takes things to a new level.

"In terms of the scope of the coverage for Grubhub delivery, Grubhub has proven our commitment to expanding our delivery capabilities to additional markets, having grown rapidly to cover over 80 metropolitan markets, or approximately 900 cities, with more than 20,000 monthly drivers per month focused exclusively on food delivery," the spokesperson said.

"We continue to rapidly build out our capacity in Tier 2 and Tier 3 markets, where there are a significant number of KFC and Taco Bell locations. With this in mind, our delivery network will cover three-quarters of KFC and Taco Bell's U.S. locations by the end of the year."

For GrubHub, the $200 million PIPE investment will give it cash to "accelerate expansion of its industry-leading U.S. delivery network, drive more orders to YUM restaurants, and further enhance the ordering and delivery experience for diners, restaurants and drivers," according to a Feb. 8 news statement.

The investment also puts a Pizza Hut executive on the GrubHub board.

"The company has agreed to increase the size of its board by one additional director and to appoint Arthur Francis Starrs III, the President of Pizza Hut U.S., to the board as a Class III director with a term expiring in 2020, if appointed prior to the date of the company's 2018 annual meeting of stockholders, or as a Class I director with a term expiring in 2021, if appointed after the date of the company's 2018 annual meeting of stockholders," GrubHub said in a Feb. 8 regulatory filing.

Yum!'s figures indicate that Pizza Hut delivers more pies than any other chain.

The deal still requires Hart-Scott Rodino Antitrust approval.

Goldman, Sachs & Co. served as financial advisor, and Mayer Brown is serving as legal advisor to Yum!

Kirkland & Ellis LLP served as legal advisor to GrubHub.

The transaction was led by Kirkland Technology & IP transactions partners Seth Traxler, Adam Petravicius and associate Matt Darch; with the investment led by corporate partner Ross Leff and associate Marishka DeToy, with assistance from corporate partners Josh Korff, Daniel Wolf and Laura Sullivan.

The Mayer Brown team included Jodi Simala, Chicago lead partner (Corporate & Securities), Nina Flax, Palo Alto partner (Corporate & Securities), Rohith George, Palo Alto partner (Corporate & Securities), Bruce Perce, Chicago partner (Banking & Finance) and Frederick B. Thomas, Chicago partner (Corporate & Securities).

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