In a giant step for global delivery operations, DoorDash has entered an agreement with certain shareholders to acquire Wolt Enterprises in an all-stock transaction, according to a press release.
The DoorDash network of couriers, headquartered in San Francisco, is planning to purchase Wolt, a global delivery operation, for $8.1 billion in U.S. currency or € 7.0 billion and complete the deal the first half of 2022. The final sum is subject to customary closing conditions.
"DoorDash and Wolt share a vision to build a global platform for local commerce that empowers the communities we operate in," Tony Xu, co-founder and CEO of DoorDash, said in the press release. "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."
Once the transaction is complete, DoorDash plans to appoint Miki Kuusi, Wolt co-founder and CEO, as head of operations for DoorDash International set to report to Xu. DoorDash anticipates that Kuusi's leadership will broaden the company's worldwide reach, improve product development and enhance its investment efficiency, the press release said.
"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," Kuusi said. "We're incredibly excited to be joining forces with Tony and the DoorDash team to build something even greater together."
Wolt operates in 23 countries and employs over 4,000 people.