DoorDash agreed to acquire Instacart for $65 a share, or about $17 billion in equity value, a 26% premium over Instacart’s price on October 22, before news of the talks broke. Instacart shareholders can take cash, DoorDash shares, or both, but stock can’t exceed 25% of the total, and DoorDash is funding the cash with money on hand and a JPMorgan bridge loan. DoorDash has been moving into grocery for over a year, including a 2025 deal to deliver from close to 2,700 Kroger stores. After closing, DoorDash plans to run Instacart under its own name and app, combine DashPass and Instacart+ under one fee, and let grocers use rival delivery platforms. The deal needs antitrust clearance in the US, Canada, and Israel, and the companies expect it to close between late 2027 and mid-2028.
