DoorDash to acquire Wolt in an all-stock deal

On–line food ordering and delivery platform DoorDash announced Tuesday it has agreed to acquire food delivery company Wolt in an all-stock deal valued at around €7 billion, or US$8.1 billion.
Tony Xu, co-founder and CEO of DoorDash said in a statement that the move “will accelerate our product development, bring greater focus to each of our markets and improve the value we provide to consumers, merchants, as well as Dashers and couriers around the world.”
Finland-based Wolt was founded in 2014 by Miki Kuusi, who, upon the deal closing, will run DoorDash International and report to Xu. The company has over 4,000 employees across 23 countries.
Wolt, which represents DoorDash’s sixth acquisition, has raised over US$850 million to date, according to TechCrunch. Its most recent funding round was US$530 million in January, led by Iconiq Growth, with participation from Tiger Global, DST and KKR, among others.
DoorDash has been one of the benefactors of the global pandemic. The company more than doubled its revenue in the six months ended June 30, but losses also doubled to US$212 million.
Share price of DoorDash has gained 38 percent year to date, lifting the firm’s market value to around US$65 billion.
-- Contact us at [email protected]
-
Architect turns Papercutter, Linking Old and Modern Mark O'Neill
Visitors to the city should be given the Hong Kong Heritage Map, with more than 300 historical buildings to visit – enough to stay for several weeks! This is the work of Nick Tsao, founder of
-
HK migrants alarmed by new British policy Mark O'Neill
Hong Kong people who emigrated to Britain with a BNO passport are alarmed by the new immigration policy outlined on Monday by Prime Minister Sir Keir Starmer. Most alarming is a new requirement that
-
HK says Goodbye to Pioneer of English Education Mark O'Neill
On May 7, 150 people crowded into St John’s Cathedral in Garden Road to say goodbye to a polymath and pioneer of English-language education who lived in the city for 42 years. Dr Verner Bickley
-
French Sisters in HK saved 34000 abandoned children Mark O'Neill
In 19th century Hong Kong, families abandoned thousands of girls whom they could not or would not bring up. They faced death, disease, a life of domestic service or prostitution. But the Sisters of
-
Czech National Ballet in Hong Kong Arts Festival Kevin Ng
Nowadays Hong Kong seldom plays host to overseas ballet companies, except during the annual Hong Kong Arts Festival. Czech National Ballet is the only ballet company touring this year’s Festival. Its