$DASH · DoorDash, Inc.
DoorDash entered into a definitive merger agreement on October 28, 2026 to acquire Instacart (Maplebear Inc.) in a cash-and-stock deal valued at $65.00 per Instacart share, representing an equity value of approximately $17 billion. Instacart stockholders may elect all-cash ($65.00), all-stock (0.3372 DASH shares), or a mix ($48.75 cash + 0.0843 shares), with stock consideration capped at 25% of the aggregate. DoorDash will fund the cash portion with cash on hand and a committed 364-day bridge loan from JPMorgan.
- DoorDash will acquire Instacart for $65.00 per share, a 26% premium to Instacart's closing price on October 22, 2026.
- The deal values Instacart at approximately $17 billion in equity value, with at least 75% cash and up to 25% DoorDash stock.
- Instacart stockholders can elect $65.00 cash, 0.3372 DoorDash shares, or a mix of $48.75 cash plus 0.0843 shares, subject to proration.
- Stockholders holding ~19% of Instacart shares have agreed to vote in favor; Instacart's board unanimously approved.
- Closing is expected in late 2027 or first half of 2028, subject to HSR, Canadian, and Israeli regulatory approvals.
DASH extended-hours last trade at $180.25, up 6.35% vs the regular close of $169.49, signaling strong initial investor approval of the Instacart acquisition. The $17B deal represents a transformative consolidation in local commerce delivery.
This is the largest consolidation in the local-commerce delivery sector, combining the two dominant independent platforms to compete with Amazon and Walmart at scale.
This deal combines the two largest independent local-commerce delivery platforms in the U.S., creating a scaled competitor to Amazon and Walmart in grocery and restaurant delivery. The combined entity would serve nearly 150,000 stores and offer both DashPass and Instacart+ memberships under one fee.
Antitrust risk is material: the deal requires HSR clearance plus regulatory approvals in Canada and Israel. The transaction is not expected to close until late 2027 or H1 2028, creating a long period of uncertainty. DoorDash will take on debt financing via a 364-day senior unsecured bridge loan from JPMorgan, adding leverage to fund the cash portion.