DoorDash to acquire Finland-based Wolt Enterprises in €7bn all-stock deal
DoorDash, an American online food delivery service, is proposing to acquire Finnish competitor Wolt Enterprises in an all-stock deal valued at around €7 billion.
In this regard, DoorDash has signed a definitive agreement with certain shareholders of the Finnish company.
Under the terms of the agreement, the equity of DoorDash to be issued to the Finnish firm’s shareholders will have a value of $206.45 per share.
The deal has been approved by the boards of directors of both the food delivery firms. Additionally, the shareholders who own the majority of Wolt Enterprises’ shares have agreed to support the deal.
Commenting on DoorDash acquisition of Wolt Enterprises, Miki Kuusi — Wolt Enterprises Co-Founder and CEO said: “DoorDash has built an incredible business in one of the most significant markets in the world, while we came from a small home country and had to master the art of expansion very early on. During this process, we’ve come to appreciate the many similarities of our two teams, cultures and companies, as we’ve been molded by similar circumstances.”
Wolt Enterprises employs a total of over 4,000 employees. It runs a local commerce platform across 23 nations. The Finnish food delivery company claims to have over 2.5 million monthly active users.
DoorDash said that the combination of technology innovation and operational know-how, and an emphasis on customer experience of Wolt Enterprises will allow the enlarged company to develop a leading local commerce platform that will drive substantial growth for many years.
Tony Xu — Co-founder and CEO of DoorDash, commenting on DoorDash acquisition of Wolt Enterprises said: “DoorDash and Wolt share a vision to build a global platform for local commerce that empowers the communities we operate in.
“Under the leadership of Miki Kuusi, Wolt has built a culture of optimism, operational rigor, and bias for action that matches our own. By joining forces, we believe we 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.”
The enlarged online food delivery firm is likely to operate in markets with over 700 million people.
The transaction is subject to regulatory approvals and other usual closing conditions and is anticipated to close within H1 2022.