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Investing.com — U.S.-based food delivery company DoorDash Inc (NYSE:DASH) shares rallied 16% Wednesday after it announced plans to acquire Helsinki-based firm Wolt.
DoorDash will acquire the food delivery platform in an all-stock transaction worth €7 billion, or around $206.45 per share.
Tony Xu, co-founder and CEO of DoorDash, said: “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.”
Wolt has over 4,000 employees, operating local commerce platforms in 23 countries, mainly in Europe, and provides DoorDash a chance to expand into new markets.
“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,” said Miki Kuusi, Wolt’s co-Founder and CEO.
Kuusi will stay on and run DoorDash International once the transaction has been completed.
