Startups
DoorDash Is on a $5 Billion Buying Spree After Earnings Beat
A DoorDash billboard in New York, US, on Monday, Oct. 30, 2023.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
In a matter of five hours, the US delivery firm DoorDash Inc. announced two multibillion-dollar acquisitions that stand to turn what is already the largest food-delivery service in the US into a formidable global player. It agreed to buy London-based delivery Deliveroo Plc for 180 pence per share, or about £2.9 billion ($3.9 billion), and it’s acquiring hospitality tech company SevenRooms Inc. for $1.2 billion.
Alongside the deals, DoorDash also issued a strong orders outlook for the current quarter and posted better-than-expected gross order value for the first three months of the year in a statement on Tuesday.