DoorDash Proposes $3.6 Billion Acquisition of Deliveroo

Published 3 hours agoDASH

DoorDash Proposes $3.6 Billion Acquisition of Deliveroo

DoorDash has announced a proposal to acquire British food delivery company Deliveroo for £2.7 billion ($3.6 billion), offering 180 pence per share. Deliveroo's board is currently reviewing the proposal and appears inclined to recommend it to shareholders if agreement on other terms is reached, as reported by Reuters. DoorDash faces a deadline of May 23 to make a firm offer.

The acquisition bid comes amid a significant decline in Deliveroo's shares, which have fallen almost 50% since its 2021 IPO due to waning demand for online food delivery following the pandemic surge. JPMorgan is advising DoorDash on this strategic move, aiming to bolster its market reach and increase its foothold in Europe. In 2021, DoorDash expanded its international presence significantly by acquiring Finnish company Wolt for $8 billion.

If successful, this deal would allow DoorDash to penetrate 10 additional international markets, including ones where it currently has no operations, thus significantly expanding its global footprint. The acquisition is anticipated to encounter minimal regulatory challenges, as it is seen as highly complementary, providing DoorDash with access to new territories without overlapping existing operations.

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