DoorDash, Inc.
Transaction Details
The $65-per-share offer represents a 26% premium to Instacart's Oct. 22, 2026 closing price, before reports of a potential deal.
Instacart shareholders can elect to receive $65 in cash, 0.3372 DoorDash shares, or a combination of $48.75 in cash and 0.0843 DoorDash shares for each Instacart share.
Stock consideration is capped at 25% of the total deal value, with proration if demand exceeds the limit.
DoorDash plans to fund the cash portion using cash on hand and debt financing.
The deal is expected to close in late 2027 or the first half of 2028, subject to Instacart shareholder approval, the expiration or termination of the Hart-Scott-Rodino antitrust waiting period, and regulatory approvals in other jurisdictions.
Until closing, both companies will continue operating independently. After the deal closes, DoorDash plans to keep grocery delivery nonexclusive, allowing grocers to work with any platform.
Instacart Shoppers would retain key features, including flexible schedules and the ability to choose which orders to accept, including whether to take DoorDash orders. DoorDash also expects to retain Instacart's brand, enterprise technology products and app.
Strategic Benefits And Customer Opportunities
Instacart's board unanimously approved the agreement, and shareholders representing approximately 19% of its outstanding shares have agreed to vote in favor.
The combined company aims to help retailers of all sizes compete with major online retailers by pairing DoorDash's delivery network with Instacart's grocery fulfillment technology, advertising and AI tools.
These services would be available through both companies' apps and retailers' own websites, helping stores expand online order capacity, increase sales and offer faster, more affordable delivery.
DoorDash expects the transaction to expand consumer choice, with Instacart customers gaining access to more than 50,000 additional stores beyond the nearly 100,000 already available on its platform.
DashPass and Instacart+ members would be able to use one membership fee instead of paying for two subscriptions, generating estimated annual savings of $100 million.
The combined platform could also give brands another digital sales channel through Instacart's retail media tools.
DoorDash CEO Tony Xu said the deal could give local stores better tools to compete. Instacart CEO Chris Rogers highlighted opportunities to improve customer experiences, accelerate grocery innovation and make online shopping more convenient and affordable.
DoorDash Q3 Earnings And Outlook
DoorDash reported third-quarter earnings of $1.06 per share, beating the $0.84 analyst estimate.
Revenue reached $4.616 billion, topping the $4.564 billion consensus. Cash and cash equivalents stood at $5.05 billion as of Sept. 30, 2026.
For the fourth quarter of 2026, DoorDash expects Marketplace GOV of $35.4 billion-$36.4 billion and adjusted EBITDA of $900 million-$1.1 billion, according to its guidance.
Instacart Q3 Earnings And Outlook Changes
Maplebear reported third-quarter earnings of 60 cents per share, missing the analyst estimate of 63 cents. Revenue reached $1.095 billion, beating the $1.071 billion consensus.
Following its agreement to be acquired by DoorDash, Instacart canceled its earnings call scheduled for Nov. 5, 2026. The company also suspended financial guidance and withdrew its previously issued long-term outlook while the transaction is pending.
Price Action: DoorDash shares were up 7.38% at $182.00, and Maplebear shares were up 0.65% at $58.80 during premarket trading on Thursday, according to Benzinga Pro data.
