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]
-
Epidemic and 40-year-high inflation stalk HK migrants in UK Mark O'Neill
The website of the Trinity Church in Sutton, southwest London, is written in English and traditional Chinese – 歡迎香港人, Welcome Hong Kong people. “The middle of a pandemic is not an easy time to arrive
-
The privilege of shorter quarantine Ben Kwok
The nightmare of staying in a hotel for three full weeks might hopefully be over. Yesterday the National Health Commission announced to shorten the hotel quarantine period for people arriving in the
-
3D maps enhance disaster prevention and rescue Dr. Winnie Tang
Abnormal and even extreme weather has become more frequent. The Observatory forecasts that tropical cyclone incidence and total rainfall this year will be "normal to high". To be well-prepared, the
-
Ignoble ease Neville Sarony
There is no shortage of commentators, both lawyers and lay people, who feel entitled to criticize Hong Kong’s legal community for what these observers assert is a failure to stand up for the liberal
-
An imminent private housing supply chasm and its solutions Ryan Ip Man-ki, Jason Leung Yeuk Ho
As the 5th wave of Covid-19 gradually subsides, waves of new private housing projects are now under the spotlight. Intensifying competition among developers became the talk of the town after a
