San Francisco-based DoorDash pays 180 pence ($2.40) for every Deliveroo share, 29% greater than the closing worth on 24 April, the day earlier than the supply was introduced, the businesses stated in a joint assertion earlier than the London Inventory Change opened for buying and selling on Tuesday.
The deal is DoorDash’s second main worldwide acquisition in three years as the corporate expands from its conventional base within the US, Canada and Australia. After the acquisition of Deliveroo, and the 2022 acquisition of Helsinki-based Wolt Enterprises, DoorDash will function in additional than 40 markets worldwide.
“I couldn’t be extra excited by the prospect of what DoorDash and Deliveroo will have the ability to accomplish collectively,” DoorDash CEO Tony Xu stated within the assertion.
Each corporations have been based in 2013, utilizing the then rising expertise of smartphones to hyperlink eating places and their prospects to a community of supply riders.
Deliveroo now operates in 9 international locations, together with the UK and Eire, which accounted for 59% of its enterprise in 2023. It additionally does enterprise in France, Italy, Belgium, Singapore, the United Arab Emirates, Kuwait and Qatar.
The acquisition comes lower than three months after expertise funding firm Prosus agreed to purchase Amsterdam-based Simply Eat Takeaway.com for €4.1 billion ($4.29 billion), boosting its meals supply portfolio in Europe.