DoorDash Agrees to Acquire Instacart (Maplebear Inc.) for $65 Per Share

M&A Transaction Overview: DoorDash, Inc. to Acquire Maplebear Inc. (Instacart)

1. Core Transaction Terms

• Parties: Maplebear Inc. (d/b/a Instacart), DoorDash, Inc., and Ibiza Merger Sub, Inc. (a wholly owned direct subsidiary of DoorDash).
• Consideration: Instacart stockholders will receive $65.00 per share. Stockholders may elect to receive consideration in 100% cash or up to 25% in DoorDash common stock (subject to customary proration procedures).
• Agreement Type: Definitive Agreement and Plan of Merger.
• Filing Type: Form 425 prospectus / proxy statement solicitation materials pursuant to Rule 425 and Rule 14a-12.

2. Strategic Rationale & Combined Ecosystem

• Consolidation of Local Delivery & Grocery Tech: The combination unites DoorDash’s extensive international consumer base and last-mile logistics operations with Instacart’s grocery e-commerce suite, retailer connections, and retail media network.
• Brand & Platform Continuity: Following closing, DoorDash plans to retain the Instacart brand, consumer app, and enterprise technology software solutions.
• Employee Retention: A deal-specific cash retention program, sized as a percentage of base salary, has been agreed upon for all active full-time Instacart employees.

3. Required Approvals & Timeline

• Target Closing Window: Late 2027 or first half of 2028.
• Conditions to Closing:
  • Approval by Maplebear Inc. stockholders.
  • Expiration or termination of waiting periods under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.
  • International regulatory clearances, including the Canadian Competition Act and the Israeli Economic Competition Law-1988.
  • Effectiveness of DoorDash's Form S-4 registration statement.