According to the Associated Press on Thursday, October 29, DoorDash is offering $17 billion to buy Instacart. Under the proposal, Instacart would keep its name and app, and its 600,000 delivery workers, called shoppers, would continue. The excerpt cuts off while discussing the $9.99 per month that consumers now pay.
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- DoorDash's deal to buy Instacart coming as early as Thursday morning, sources tell CNBC
DoorDash could announce its bid to acquire Instacart as early as Thursday morning, sources told CNBC. Speculation has built since last week, when The Information reported Instacart was exploring a sale and had held talks with companies including Uber and DoorDash. Several outlets reported on Monday that DoorDash was in advanced talks and that the deal could value Instacart at about $17 billion. Instacart shares rose about 4% in extended trading on Wednesday, while DoorDash shares fell less than 1%.
- DoorDash inks $17 billion deal to acquire Instacart
DoorDash (DASH) is acquiring Instacart, which does business as Maplebear (CART), in a cash-and-stock deal worth $17 billion. DoorDash will pay $65 a share, a 26% premium to Instacart's closing price on October 22, when reports of the deal emerged. The deal would better position DoorDash to compete with Amazon's Whole Foods and Walmart by adding a major grocery delivery partner. DoorDash reported earnings and adjusted EBITDA that beat estimates, with marketplace gross order value up 36%, and its fourth-quarter forecast was described as in pretty good shape.
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- DoorDash soon could acquire grocery delivery service Instacart
DoorDash is reportedly in talks to acquire grocery delivery platform Instacart, possibly finalized as soon as this week in a deal valuing Instacart at around $17 billion, according to the Wall Street Journal. Instacart's shares rose nearly 19% over five days to around $60, lifting its market value to about $14 billion from about $13 billion before the report, while DoorDash shares fell 10% to close near $170 on Tuesday, a market value of about $73 billion. The deal would add a major grocery-focused platform to DoorDash, which already delivers from Kroger and Safeway and partners with CVS, Macy's and Target, and both companies rely on independent contractors. The Journal also reported that Uber once considered buying Instacart, but those talks are no longer active, and DoorDash did not immediately respond to a request for comment.
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