US-based food delivery company DoorDash has purchased British competitor Deliveroo in a £2.9 billion ($3.9 billion) all-cash deal. The offer values Deliveroo shares at £1.80 ($2.40) each, marking a 77% premium over recent market prices but falling well below Deliveroo’s 2021 initial public offering valuation of £7.6 billion. The acquisition received unanimous approval from Deliveroo’s board, with CEO and co-founder Will Shu, holding 6.4% ownership, set to receive £172 million. This acquisition strengthens DoorDash’s position in the European market, aiming to challenge major players like Uber Eats and Just Eat.
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