DoorDash to Buy Instacart for $65 a Share in Roughly $17 Billion Deal

DoorDash agreed to buy Instacart in a deal valuing the grocery delivery company at $65.00 a share, or an equity value of about $17 billion, the two companies said Thursday, combining the biggest names in U.S. restaurant and grocery delivery.

The merger agreement was signed Wednesday, Oct. 28, according to 8-K filings from DoorDash and Instacart parent Maplebear. The $65 price is a 26% premium to Instacart's closing price on Oct. 22, the last trading day before media reports about a possible deal, the companies said in their joint press release.

Cash, stock or a mix

Instacart holders can elect, for each share, $65.00 in cash, 0.3372 of a DoorDash Class A share, or a mix of $48.75 in cash plus 0.0843 of a DoorDash share, according to DoorDash's 8-K. Shares with no valid election get cash.

Stock is capped at 25% of the total consideration, so the deal will be at least 75% cash. If too many holders choose stock, those elections will be prorated and the rest paid in cash. DoorDash may instead pay the stock portion in a new Nasdaq-listed Class C common stock if it meets conditions set out in the agreement, the filing said.

Break fees and voting support

Instacart would owe DoorDash a $650 million termination fee in certain cases, including if it walks away for a superior proposal or its board changes its recommendation. DoorDash would owe Instacart $1.25 billion if the deal fails over antitrust issues, according to the 8-K. If Instacart holders vote the deal down, Instacart must reimburse up to $25 million of DoorDash's expenses.

Instacart's board unanimously approved the agreement and recommended that stockholders adopt it, Maplebear's 8-K said. Holders of about 19% of Instacart's voting power signed agreements to vote in favor.

Financing and timing

JPMorgan Chase Bank committed to a 364-day senior unsecured bridge loan of up to $13.0 billion. DoorDash expects to replace it before closing with cash on hand and permanent financing, which may include senior debt securities and term or revolving loans. The deal has no financing condition, and DoorDash said it is targeting a capital structure that keeps investment-grade ratings.

The companies expect the deal to close at the end of 2027 or in the first half of 2028. Closing requires Instacart stockholder approval, expiration of the Hart-Scott-Rodino waiting period, and clearances in Canada and Israel. The agreement's outside date is 12 months after signing, with up to four automatic three-month extensions if only antitrust conditions remain.

DoorDash said it expects to keep Instacart's brand, enterprise technology products and app after closing. Until then, the two will operate as separate, independent companies.

Sources

1. DoorDash Form 8-K reporting the merger agreement with Maplebear Inc. (Items 1.01, 7.01, 8.01; Exhibit 99.1 joint press release), filed Oct. 29, 2026 (accession 0001140361-26-041111)
2. Maplebear Inc. Form 8-K reporting the merger agreement with DoorDash (Items 1.01, 8.01), filed Oct. 29, 2026 (accession 0001193125-26-437075)

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