DoorDash to buy Instacart in $17bn deal it says will expand customer options
DoorDash will acquire grocery delivery firm Instacart in a $17bn (£12.8bn) deal, creating a behemoth that will bring more meals, quick-need purchases and big weekly shops directly to customers. DoorDash said the deal, expected to be final in about a year, will expand options for customers and let more sellers use the companies’ services. Instacart [...] The post DoorDash to buy Instacart in $17bn…
DoorDash has agreed to purchase grocery delivery service Instacart for $17 billion in a deal that the companies say will expand customer options and bring more meals, quick needs purchases, and large weekly shops directly to consumers. The acquisition, expected to be completed within a year, will allow Instacart shoppers to access 150,000 stores, up from the current 100,000.
DoorDash's CEO, Tony Xu, highlighted that Instacart's expertise in grocery selection and substitution, combined with DoorDash's delivery network and technology, would be beneficial for the combined company. The deal, valued at $65 per share, would be a 26% premium on Instacart's stock price before the news of the potential merger surfaced.
DoorDash plans to maintain Instacart's brand, app, and technology products, with the delivery services continuing to operate as separate entities until the merger is finalized. The merger could face antitrust scrutiny from government regulators, and New York City's commission on consumer and worker protections has expressed concerns about the trend of big corporations consolidating.
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