DoorDash Agrees to Buy Instacart for About $17 Billion in Cash and Stock

DoorDash, Inc. agreed on October 29, 2026 to acquire Maplebear Inc., the company that operates Instacart, for $65.00 per Instacart share. The equity value of the deal is about $17 billion, according to filings with the U.S. Securities and Exchange Commission. DoorDash announced the agreement alongside its third-quarter 2026 results, and Instacart’s board approved it unanimously.

The price is a 26% premium to Instacart’s closing price on October 22, the last trading day before reports of a possible transaction. Fox Business, citing The Wall Street Journal, reported on October 26 that DoorDash was in advanced talks to acquire Instacart in a deal that could value Instacart at roughly $17 billion. Instacart shares rose about 8% on that Monday, while DoorDash shares fell about 6%.

Cash and Stock Choices for Instacart Holders

Each Instacart share can be exchanged for one of three packages. A holder can take $65.00 in cash, 0.3372 DoorDash shares, or $48.75 in cash plus 0.0843 DoorDash shares. A holder of 100 Instacart shares who chose all cash would receive $6,500 if that election is not prorated.

Stock is capped at 25% of the aggregate consideration. If too many holders choose stock, the stock is prorated, so at least 75% of the total is paid in cash. A holder who chooses stock will see that part of the value move with DoorDash’s share price, which fell about 6% on the Monday the talks were reported.

Stock Limit in the Deal
Stock consideration is capped at 25% of the aggregate consideration, so at least 75% of the deal is cash, according to DoorDash’s announcement. Each Instacart share is priced at $65.00 in the all-cash option.

Financing and Conditions for Closing

JPMorgan Chase Bank, N.A. has provided a financing commitment letter for a 364-day senior unsecured bridge loan, subject to customary conditions. The transaction is not subject to a financing condition. DoorDash is targeting a capital structure that keeps investment-grade ratings.

Closing requires Instacart stockholder approval and the expiration or termination of the U.S. Hart-Scott-Rodino waiting period. Regulatory approvals in Canada and Israel are also listed as conditions, along with other customary closing conditions. Holders of about 19% of Instacart’s outstanding shares have agreed to vote in favor of the deal.

Synergies and Strategic Context

DoorDash sees a multi-year path to $500 million or more in annual synergies, net of investments. It expects to invest more than 100% of total synergies in the first year after closing, with positive net synergies from the second year onward.

Before the reports, The Wall Street Journal valued Instacart at about $13 billion, according to Fox Business, while DoorDash’s market value was about $73 billion. Fox Business also reported that Instacart had considered a sale in 2021.

Fox Business, citing The Wall Street Journal, reported that competition in grocery delivery has intensified as Walmart and Amazon have expanded their offerings. It said the deal would give DoorDash a bigger presence in grocery delivery as it expands beyond restaurant delivery.

DoorDash completed its acquisition of Deliveroo, the British food delivery company, in 2025. It bought Finnish delivery company Wolt in 2022 in an all-stock deal that took the combined company to 27 countries at the time, according to Fox Business.

The transaction is not subject to a financing condition.

Executive Comments and Expected Timing

Tony Xu, co-founder and chief executive of DoorDash, said that when more people shop local, “more dollars stay local.” Chris Rogers, chief executive of Instacart, said joining forces with DoorDash would allow Instacart to do even more.

Fox Business said it could not immediately reach DoorDash or Instacart for comment on the reports. The companies expect the transaction to close at the end of 2027 or in the first half of 2028. The deal had not closed as of October 30, 2026.

Both companies are listed on Nasdaq, with Instacart trading as CART and DoorDash as DASH.