Şunun için etiket arşivi: $3.9 billion deal

U.S. food delivery giant DoorDash announced on Tuesday that it will acquire British rival Deliveroo in a $3.85 billion (2.9 billion GBP) deal, aiming to expand its footprint in Europe and compete more aggressively against Uber Eats and Just Eat. The move also marks one of the largest consolidation deals in the global meal delivery space.

The deal values Deliveroo at 180 pence per share, a notable discount from its 2021 IPO price of 390 pence, but a premium to recent trading levels. Deliveroo’s shares rose about 2% following the announcement but remained below the offer price.

Deliveroo CEO and co-founder Will Shu acknowledged the valuation gap, saying the IPO occurred in a very different economic and interest rate environment, and emphasized that joining forces with a larger player would better position Deliveroo to succeed in a crowded and competitive market.

Sector Consolidation Accelerates

The deal comes amid a wave of consolidation in the meal delivery industry, which has faced mounting inflation, dampened consumer spending, and scaling difficulties.

• Also on Tuesday, DoorDash said it would acquire SevenRooms, a hospitality software firm, for $1.2 billion.

• Meanwhile, Uber announced an $700 million acquisition of Trendyol Go, strengthening its presence in Turkey and the Middle East.

According to the companies, DoorDash and Deliveroo combined processed about $90 billion in orders in 2024, serving a total of 49 million monthly active users. The acquisition will give DoorDash access to Deliveroo’s largest markets, including the UK, Ireland, Italy, France, and the UAE.

DoorDash CEO Tony Xu noted the deal would allow DoorDash to scale investments in Europe and introduce new products, helping it challenge entrenched local players.

Investor Reactions and Deal Conditions

Despite the long-term growth potential, DoorDash shares fell 7%, partly due to a cautious profit forecast and broader investor concerns about consumer demand.

Deliveroo has secured support from shareholders controlling 15.4% of shares, including Shu, Greenoaks, and DST Global. However, the deal requires approval from 75% of Deliveroo’s shareholders to proceed. Analysts flagged the notable absence of Amazon, which holds a 14.38% stake, as a potential wildcard. Amazon has declined to comment, but remains a possible counter-bidder.

DoorDash stated it will not raise its offer unless another bidder emerges.

The acquisition is not expected to face major regulatory challenges, as DoorDash has little to no presence in Deliveroo’s 10 core markets.