Delivery app DoorDash has reached a deal to acquire Finnish delivery operator Wolt in an all-stock deal worth €7bn, in what would be the most expensive takeover yet in Europe’s hyper-competitive rapid delivery market.
Helsinki-based Wolt, which has more than 4,000 employees, operates in 23 European markets including Germany, where DoorDash has been eager to gain a foothold shuttling food and groceries to consumers.
The acquisition “really allows us to accelerate launch” in markets beyond DoorDash’s native US, Tony Xu, chief executive, told the Financial Times. “This is a business that was designed to be international, so we couldn’t be more thrilled.”
For DoorDash, based in San Francisco, the deal would provide access to 22 new countries representing a potential customer pool of 700m, Xu said. News of the deal sent DoorDash shares soaring by about 20 per cent in after-hours trading on Tuesday.
The company is also planning to…