A DoorDash sign is pictured on a restaurant on the day they hold their IPO in New York, December 9, 2020.
Carlo Allegri | Reuters
DoorDash announced Tuesday it’s acquiring Wolt, a food delivery platform that’s expanded into groceries and retail, in an all-stock transaction that’s valued at $8.1 billion.
The move is an effort to accelerate the company’s international growth. Shares of DoorDash gained almost 4% in after-hours trading after an initial dip.
Wolt currently has about 4,000 employees and operates in 23 countries, the company said in a release. In January, the company said it surpassed 10 million users.
Upon closing, Miki Kuusi, current Wolt CEO and founder, will run DoorDash International. The deal is expected to close in the second half of 2022.
The announcement came as part of DoorDash’s third-quarter earnings report.
Here are the key numbers:
- Loss: 30 cents vs 26 cents expected in a Refinitiv survey of analysts
- Revenue: $1.28 billion vs $1.18 billion
DoorDash said its revenue grew 45% year-over-year. Total orders were up 47% to 347 million.
Over 3 million people provided services, or “dashed,” in the quarter to earn more than $2.8 billion. The company also reported 500,000 partner merchants, saying it continues to add at a “pace that is faster than pre-pandemic levels.”
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