DASH · 8-K · 20261029PR000062

Acquisition / Partnership / Divestiture

DoorDash, Inc. · 2026-10-29 · Importance 71 · Surprise 60 · No source text

DoorDash agreed to acquire Instacart for $65 per share, representing an equity value of approximately $17 billion; consideration may be cash, DoorDash stock, or a mix, with stock capped at 25% of aggregate consideration. DoorDash expects to fund the cash portion with cash on hand and debt financing, supported by a 364-day senior unsecured bridge loan commitment, and is targeting an investment-grade capital structure. The transaction is targeted to close at the end of 2027 or in the first half of 2028, subject to Instacart stockholder approval and regulatory approvals, including under U.S. antitrust law and in Canada and Israel. DoorDash sees a multi-year path to at least $500 million of annual net synergies, expects to invest more than 100% of synergies in the first year after closing, and expects positive net synergies in year two and beyond.

Key facts

• DoorDash announced a definitive agreement to acquire Maplebear Inc. (Instacart) for $65.00 per share, payable in at least 75% cash and up to 25% DoorDash common stock, subject to election and proration mechanics. source
• DoorDash and Instacart announced a definitive acquisition agreement at $65.00 per Instacart share, representing an equity value of approximately $17 billion. source
• Instacart stockholders may elect $65.00 cash, 0.3372 DoorDash common shares, or $48.75 cash plus 0.0843 DoorDash common shares per Instacart share, subject to a cap of 25% of aggregate consideration in DoorDash stock and proration mechanics. source
• The Instacart transaction is expected to close at the end of 2027 or in the first half of 2028, subject to stockholder approval, antitrust waiting-period expiration or termination, regulatory approvals including in Canada and Israel, and customary closing conditions. source
• DoorDash said it has a multi-year path to $500 million or more of annual net synergies from the Instacart combination. source
• DoorDash expects to invest more than 100% of total synergies in the first year after close, followed by positive net synergies in year two and beyond. source
• DoorDash expects to fund the cash consideration for the Instacart acquisition using cash on hand and debt-financing proceeds. source
• Stockholders holding about 19% of Instacart’s outstanding shares agreed to vote in favor of the transaction. source

Impact estimates