From Fox Business: DoorDash is reportedly in advanced talks to acquire food delivery company Instacart in a deal that could value the company at roughly $17 billion.
An agreement could be reached as early as this week, though there is no guarantee the talks will result in a deal, The Wall Street Journal reported Monday, citing people familiar with the discussions.
Investors sent the companies’ shares in opposite directions following the report.
Instacart stock climbed about 8% Monday, while DoorDash shares dropped roughly 6%.
Instacart was valued at approximately $13 billion before news of the potential transaction surfaced, compared with DoorDash’s market capitalization of about $73 billion, according to The Wall Street Journal.
The acquisition would give DoorDash a larger foothold in the grocery delivery market as it continues expanding beyond its roots in restaurant delivery.
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