DoorDash Agrees to Buy Maplebear for $65 a Share, About $17 Billion

DoorDash (Nasdaq: DASH) agreed to acquire Maplebear Inc. (Nasdaq: CART), the company that operates Instacart, in a deal valued at $65 a share, the companies said in an 8-K filed Thursday, Oct. 29. The merger agreement was signed the day before.

How shareholders would be paid

Under the agreement, Maplebear will merge into a DoorDash subsidiary and become a wholly owned unit of DoorDash. Each Maplebear share can be exchanged for $65 in cash, for 0.3372 shares of DoorDash Class A common stock, or for a mix of $48.75 in cash and 0.08430 DoorDash shares. Shareholders who make no election receive cash. Because the stock portion is limited, proration applies if too many holders choose stock, and those holders receive cash for the rest of their shares. The companies' press release says DoorDash stock will not exceed 25% of the aggregate consideration.

What the deal means for Maplebear

The companies put the equity value at about $17 billion. Maplebear's last close before the filing was $58.42 on Oct. 28, and the company's market value before the filing was about $13.52 billion, based on 231.5 million shares as of July 31. The press release says the $65 price is a 26% premium to Maplebear's closing price on Oct. 22, the last trading day before media reports about a possible transaction.

The company reported 2025 revenue of $3.74 billion, up 11%, and net income of $447.0 million, down 2%. In the quarter ended June 30, 2026, revenue was $1.04 billion, up 14%, and net income was $111.0 million, down 4% from a year earlier. Cash and equivalents stood at $757.0 million on June 30.

Financing and fees

DoorDash expects to fund the cash portion with cash on hand and proceeds from debt. It has a financing commitment letter from JPMorgan Chase Bank for a 364-day senior unsecured bridge loan, according to the press release. The transaction is not subject to a financing condition. The companies did not say how the cash would be split between cash on hand and borrowing.

Maplebear would owe DoorDash a $650 million termination fee in cash in specified cases, including if it accepts a superior proposal or if the board changes its recommendation after an adverse event. If Maplebear shareholders reject the deal, the company must reimburse up to $25 million of DoorDash's expenses, which would be credited against any later termination fee. DoorDash would pay Maplebear $1.25 billion in cash if the deal ends under specified regulatory circumstances. The $650 million fee is close to Maplebear's $757 million cash balance.

Approvals and timing

The deal requires adoption by Maplebear shareholders, expiration of the Hart-Scott-Rodino waiting period, clearances in Canada and Israel, and listing of the DoorDash shares on the Nasdaq Global Select Market. Shareholders of about 19% of Maplebear's shares, including D1 Capital Partners and Sequoia Capital Operations, have agreed to vote in favor, according to the filing and the press release.

The agreement can be terminated if the merger is not completed within 12 months, although that period extends by three months, up to four times, if only antitrust conditions remain unmet. The companies expect the deal to close in the end of 2027 or the first half of 2028. Until then, DoorDash and Instacart will operate as separate companies. The companies did not say what would happen to Maplebear's stock trading if the deal is completed.