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DoorDash (NASDAQ:DASH), the U.S.-based meal delivery giant, has agreed to acquire British rival Deliveroo (OTC:DROOF) in a deal valued at £2.9 billion ($3.85 billion), aiming to boost its market share and local expertise across Europe. The all-cash offer of 180 pence per share was confirmed Tuesday, pushing Deliveroo shares up about 2%, though still trading below the offer price at 176.4 pence.
Deliveroo, which went public in 2021 at 390 pence per share, has struggled to regain its IPO value amid stiff competition in the food delivery space. The acquisition strengthens DoorDash’s position in Europe by adding Deliveroo’s core markets, including the UK and Ireland, to its portfolio. The companies reported a combined gross order value of approximately $90 billion in 2024, with Deliveroo serving 7 million and DoorDash 42 million monthly active users.
Deliveroo’s Independent Committee unanimously recommended the deal, stating it aligns with shareholder and stakeholder interests. Jefferies analysts noted the final offer came ahead of a May 23 deadline, indicating productive discussions.
DoorDash has received support from shareholders holding 15.4% of Deliveroo’s stock, including co-founder and CEO Will Shu, Greenoaks, and DST Global. Shu stands to receive £172.4 million for his 6.4% stake. However, Amazon (NASDAQ:AMZN), Deliveroo’s largest shareholder with a 14.38% stake, has not publicly endorsed the deal, raising speculation about a potential counteroffer.
Regulatory approval is expected to be smooth, as DoorDash currently lacks significant operations in Deliveroo’s ten markets. The acquisition marks a strategic move by DoorDash to compete more effectively with Uber Eats and Just Eat in Europe’s growing online food delivery sector.
