Mentioned:
DoorDash has just committed to their largest acquisition ever: Instacart.
What’s happening:
- DoorDash (NASDAQ: DASH) has entered into a definitive agreement to buy Instacart (NASDAQ: CART) for $17B USD
By the numbers:
- DoorDash will buy Instacart for $65.00 USD per share
- 75% of the acquisition will be paid in cash and DoorDash will issue common shares for the remaining 25%
Why it matters:
- Instacart is one of the single largest online grocery marketplaces in North America and has more than 26M users
Going deeper:
- DoorDash has publicly stated that they plan to keep Instacart’s brand, technology products and app following the successful closing of the acquisition
- Instacart is partnered with more than 2,200 retail chains and covers almost 100,000 individual stores throughout North America
The intrigue:
- DoorDash previously made major waves when they won Part 135 carrier certification from the Federal Aviation Administration to launch their own drone delivery business known as DoorDash Air
