Why DoorDash (DASH) Is Buying Wolt For €7 Billion

By Amit Chowdhry ● Nov 10, 2021
  • DoorDash, Inc. (NYSE: DASH) and Wolt Enterprises announced they and certain stockholders of Wolt entered into a definitive agreement whereby DoorDash will acquire Wolt in an all-stock transaction valued at €7 billion. These are the details.

DoorDash, Inc. (NYSE: DASH) and Wolt Enterprises OY announced they and certain stockholders of Wolt have entered into a definitive agreement whereby DoorDash will acquire Wolt in an all-stock transaction. And both companies share a mission to build a global platform for local commerce that connects consumers with the best of their community, drives incremental revenue for merchants, and provides meaningful earning opportunities for millions of Dashers and couriers around the world. The companies expect this partnership to accelerate our progress towards our common goals.

Wolt’s team of more than 4,000 employees operates a leading local commerce platform across 23 countries. And Wolt’s consumer obsession and attention to detail are evident in its superb consumer loyalty and retention rates. The company’s operational efficiency allows it to sustainably operate in a variety of environments ranging from rural towns to dense city centers. They believe Wolt’s combination of technological innovation, operational expertise and intense focus on the consumer experience are characteristics that will allow our combined company to build a leading local commerce platform and drive substantial growth for many years.

Upon the closing of the acquisition, Miki Kuusi will run DoorDash International, reporting to Tony Xu. And under Miki’s leadership, we expect to increase our international scale, accelerate our product development, and improve our investment efficiency. They expect to continue investing aggressively in the combined team to build our platform and grow our global business.

These are the key terms:

– Transaction is valued at approximately €7 billion, subject to customary purchase price adjustments

– All stock transaction; DoorDash equity issued as part of the transaction will be valued at $206.45 per share, based on DoorDash’s 30-day VWAP as of November 3, 2021

– New retention pool of approximately € 500 million reserved for Wolt management and employees

Financial Impact:

– Expect to be accretive to GOV growth in 2022

– Expect pro forma combined Adj. EBITDA of $0 to $500 million in 2022


– Transaction is subject to customary closing conditions for transactions of this type, including applicable regulatory approvals

– They currently expect to close the transaction in 1H 2022

The board of directors of both companies approved the transaction and stockholders representing the majority of Wolt’s outstanding shares have committed to support the transaction. 


“DoorDash and Wolt share a vision to build a global platform for local commerce that empowers the communities we operate in. Under the leadership of Miki Kuusi, Wolt has built a culture of optimism, operational rigor, and bias for action that matches our own. By joining forces, we believe we will accelerate our product development, bring greater focus to each of our markets, and improve the value we provide to consumers, merchants, as well as Dashers and couriers around the world.”

“We have an opportunity to build a global platform for local commerce in the internet era. Joining forces with Wolt will deepen our pool of superb talent and allow us to accelerate our international growth, while elevating our focus on the U.S. We expect the ingenuity, product expertise, and operational excellence of our combined company to expand our TAM, improve our investment efficiency, increase our long-term profit potential, and generate significant shareholder value.”

— Tony Xu, Co-founder and CEO of DoorDash

“DoorDash has built an incredible business in one of the most significant markets in the world, while we came from a small home country and had to master the art of expansion very early on. During this process, we’ve come to appreciate the many similarities of our two teams, cultures and companies, as we’ve been molded by similar circumstances. We’re incredibly excited to be joining forces with Tony and the DoorDash team to build something even greater together.” 

— Miki Kuusi, Wolt Co-Founder and CEO