DoorDash's proposed acquisition of Instacart remains subject to shareholder and regulatory approvals as the grocery delivery company reported $1.095 billion in revenue for the quarter ended Sept. 30, up 17% year over year.
Gross transaction value reached $10.528 billion, 15% above a year earlier. Orders totaled 91.4 million, a 10% increase, while transaction revenue rose 14% to $764 million. Diluted GAAP earnings per share were $0.60.
DoorDash agreed to acquire Instacart at an approximate $17 billion equity value in a cash-and-stock transaction. Instacart shareholders can elect cash, DoorDash shares or a combination. At least 75% of the consideration will be cash, with DoorDash shares capped at 25%.
The transaction requires Instacart shareholder approval, completion of the Hart-Scott-Rodino waiting period and regulatory clearances in Canada and Israel, among other conditions. DoorDash expects to close the deal at the end of 2027 or in the first half of 2028.