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]
-
How to well spend the HK$300 million allocated to art tech? Dr. Winnie Tang
Local movie director Chu Yuan passed away earlier. In a lament, film critic Ka Ming recalled Chu's five masterpieces in the 1960s and 1970s. In his remark, Ka criticised that like most old Hong Kong
-
A cross-border ‘yellow cow’ story Ben Kwok
Almost all overseas fellows of my age that I know came to Hong Kong during the pandemic only for one reason: to meet their parents as much as possible. But in order to see their parents in person,
-
Advancing responsible business conduct Hanscom Smith
We need only look at the front-page news to see that companies are reassessing their business practices in areas ranging from preventing and addressing forced labor in their supply chains,
-
Re-opening Hong Kong a must Brian YS Wong
Hong Kong’s value to its country remains its openness, cosmopolitanism, and fundamental willingness to embrace and take on the unknown. It is its internationalism, as opposed to inward-looking
-
No health without mental health Dr. Winnie Tang
The universities in Australia made a bold move last year， lowering the tuition fees by 42% in five subjects, including two medical-related subjects, nursing and clinical psychology. According to the
