外卖平台DoorDash已宣布达成最终协议，将以约170亿美元的总股权价值收购其竞争对手、在线生鲜配送服务商Instacart 123456789。此次交易被视为美国食品杂货配送领域的重大整合举措，旨在通过合并两大配送巨头，强化双方在本地商店配送市场的竞争力 245789。关于该交易的猜测此前已在上周流传 1。消息公布后，市场反应呈现分化，DoorDash股价上涨，而Instacart股价下跌 9。
根据协议细节，收购价格定为每股65.00美元，较Instacart在2026年10月22日的收盘价溢价26% 36。对价形式中现金比例至少占75%，股票比例不超过25%，JPMorgan Chase Bank, N.A. 将提供364天的高级无担保过桥贷款以支持现金部分 36。Instacart股东可选择接受纯现金（65.00美元）、纯股票（每1股换取0.3372股DoorDash普通股）或混合方案（48.75美元现金加0.0843股DoorDash普通股） 36。持有Instacart约19%股份的股东已同意投票支持该交易 3。预计交易将于2027年底或2028年上半年完成，期间需经过反垄断审查及股东投票批准 36。
战略层面，DoorDash希望借助Instacart成熟的零售合作伙伴关系扩大其在在线杂货领域的影响力，并应对来自Uber、沃尔玛和亚马逊等竞争对手的压力 1。交易完成后，Instacart的品牌和应用程序将保留，其客户将获得访问DoorDash新增的50,000家门店资源的权限 4。DoorDash首席执行官Tony Xu表示，合并将结合双方在生鲜专业知识与物流交付方面的优势，他称：“当更多人选择本地购物时，更多资金将留在本地。” 34 此外，双方预计通过整合每年可节省约1亿美元的会员费 3。数据显示，Instacart拥有60万独立承包商，去年完成3.38亿订单；而DoorDash运营于40个国家，拥有900万配送员，去年完成超30亿订单 4。
DoorDash has announced a definitive agreement to acquire its competitor Instacart for approximately $17 billion, marking a significant consolidation in the online grocery delivery sector 123456789. The transaction values Instacart at $65.00 per share, representing a 26% premium over Instacart’s closing price on October 22, 2026 36. Under the terms, at least 75% of the consideration will be paid in cash, with no more than 25% in DoorDash shares 36. Instacart shareholders may elect to receive pure cash, pure stock (at an exchange ratio of 0.3372 DoorDash shares), or a combination of $48.75 in cash plus 0.0843 DoorDash shares 36. JPMorgan Chase Bank, N.A. has provided a 364-day senior unsecured bridge loan commitment to support the cash portion of the transaction 36.
The merger aims to combine DoorDash’s extensive delivery network with Instacart’s grocery technology and retail partnerships to enhance competitiveness against rivals such as Uber, Walmart, and Amazon 1245. Following the acquisition, the Instacart brand and application will remain operational, granting its customers access to an additional 50,000 stores available through DoorDash’s platform 4. Market data indicates that Instacart’s share of US delivery platform spending declined from 26% to 18%, while DoorDash’s share rose from 44% to 59% 4. Instacart currently operates with 600,000 independent contractors and processed 338 million orders last year, whereas DoorDash operates in 40 countries with over 3 billion orders and 9 million delivery drivers 4. Tony Xu, CEO of DoorDash, emphasized the strategic value of local commerce, stating, “Grocery is one of the hardest things to get right online... Together, we could give stores of every size more of those tools and unlock the potential of grocery delivery,” and added that “when more people choose to shop local, more money stays local” 34. Shareholders holding approximately 19% of Instacart have agreed to vote in favor of the deal, which also anticipates saving about $100 million annually on membership fees 36. The transaction is subject to regulatory antitrust reviews and shareholder approvals, with completion expected by late 2027 or the first half of 2028 36. In response to the announcement, DoorDash’s stock price increased while Instacart’s shares fell 9.
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