DoorDash Announces Definitive Agreement to Acquire Instacart for $17B ($65.00/Share)

Transaction Overview

On October 29, 2026, DoorDash, Inc. (NASDAQ: DASH) filed a Form 425 prospectus communication announcing a definitive agreement to acquire Maplebear Inc. (known as Instacart, NASDAQ: CART) for $65.00 per share, representing an aggregate equity value of approximately $17 billion.

Consideration & Election Structure

Instacart stockholders may elect among three options for each share of Maplebear common stock held:

1. All Cash: $65.00 in cash.
2. All Stock: 0.3372 shares of DoorDash common stock.
3. Mixed Consideration: $48.75 in cash and 0.0843 shares of DoorDash common stock.

Key Caps & Proration:

• Total stock consideration issuable by DoorDash is capped at 25% of aggregate consideration.
• If the stock election is oversubscribed, stock consideration will be allocated on a prorated basis.
• The cash component will be funded via cash on hand and debt financing, supported by a 364-day senior unsecured bridge loan commitment from JPMorgan Chase Bank, N.A.
• The transaction is not subject to a financing contingency.

Strategic Rationale & Synergies

• Grocery Delivery Scale: Expands DoorDash's reach across grocery and convenience networks, combining DoorDash's logistics and fulfillment infrastructure (such as DashMart) with Instacart's grocery partner integrations.
• Synergies: DoorDash projects a multi-year run rate of $500 million or more in annual net synergies. Management plans to reinvest over 100% of synergies in Year 1 post-closing to optimize logistics, density, and fulfillment cost structures, anticipating net positive synergies starting in Year 2.
• Enterprise & Advertising: Combines Instacart's enterprise white-label grocery platform and scaled digital retail advertising base with DoorDash’s delivery network.

Approvals and Path to Closing

• Board Approval: Unanimously approved by Instacart’s Board of Directors.
• Voting Support: Stockholders representing approximately 19% of Instacart's outstanding shares have entered into voting agreements supporting the merger.
• Regulatory Clearance: Requires clearance under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, as well as foreign regulatory approvals in Canada and Israel.
• Timeline: The companies anticipate closing late in 2027 or in the first half of 2028.