DoorDash stock jumped up 16% after their earnings releases as the company announces they reached a deal to acquire Finnish delivery operator Wolt in an all-stock deal worth $8.1B. This will be the most expensive takeover yet in Europe’s hyper-competitive rapid delivery market.
This will help DoorDash accelerate their launch across Europe as the company looks to expand outside of the US. “This is a business that was designed to be international, so we couldn’t be more thrilled.” The deal will provide access to 22 new countries representing a potential customer pool of 700 million.
Investors are thrilled as high volume poured in during after hours. The price closed the day at $230. Can DoorDash come out on top of the European food delivery war?