DoorDash acquires Instacart: price, structure and what it means for local business buyers

DoorDash

acquires

Maplebear Inc.

Price

$65.00 a share

Equity value

~$17B

Structure

At least 75% cash

Premium

26%

Expected close

End 2027 to H1 2028

Published 29 October 2026 · Deal announced 2026-10-29 · Acquisitions.com Deal Reports

This report is for anyone who owns, buys or plans to buy a business that sells through local stores, delivery apps or online marketplaces. It covers what DoorDash bought, what it agreed to pay, how the deal is built, and why the largest food delivery company wants the largest grocery delivery company. At the end you will know which parts of this deal apply at your size and which do not.

What did DoorDash buy?

Instacart is a grocery technology company. The release says it works with more than 2,200 retail banners. Those banners cover nearly 100,000 stores.

It runs three businesses. Instacart Marketplace is the app shoppers use to order groceries. Instacart Enterprise sells technology to grocers for their own online stores. Instacart Ads sells ad space to brands inside the app.

DoorDash was founded in 2013. The release says it has handled over 10 billion orders and driven over $230 billion in sales for merchants. It works in more than 40 countries under the DoorDash, Deliveroo, SevenRooms and Wolt names.

The release does not give Instacart's revenue or profit, and we do not add them.

What did DoorDash pay and how?

DoorDash will pay $65.00 for each Instacart share. The release puts the equity value at about $17 billion. It gives no enterprise value. If you want the difference between the two, read what enterprise value is.

The price is a 26% premium. That is measured against Instacart's closing price on 22 October 2026, the last trading day before the press reported a possible deal.

Each Instacart shareholder picks one of three forms of payment for each share:

1. $65.00 in cash.
2. 0.3372 of a DoorDash share.
3. $48.75 in cash plus 0.0843 of a DoorDash share.

DoorDash stock can be no more than 25% of the total. If too many holders ask for stock, the stock is shared out pro rata and the rest is paid in cash.

The cash comes from DoorDash's cash on hand and new debt. JPMorgan Chase Bank gave a commitment letter for a 364-day bridge loan. The deal has no financing condition. DoorDash says it wants to keep its investment-grade credit ratings.

The advisors are named. Centerview Partners is lead financial advisor to DoorDash, with J.P. Morgan Securities also advising and Latham & Watkins as legal counsel. Goldman Sachs advises Instacart, with Cravath, Swaine & Moore and Cooley as legal counsel. The release does not state a break fee.

Why does Instacart fit DoorDash's plan?

DoorDash already delivers groceries, but Instacart brings the grocers. Its links to nearly 100,000 stores are what DoorDash is paying for. So are its software for grocers and its ad business.

Tony Xu, co-founder and CEO of DoorDash, framed the deal around local stores. He said that "when more people shop local, more dollars stay local." Chris Rogers, CEO of Instacart, said joining DoorDash would let the two do more for retailers, brands and shoppers.

The release gives no cost savings target. It names one customer benefit: members of both DashPass and Instacart+ would pay one fee. The companies estimate that saves members about $100 million a year. They also say Instacart customers could shop at more than 50,000 more stores.

DoorDash also made promises to win support. Local grocers may keep working with any delivery app; there is no grocery exclusivity. Instacart shoppers may choose whether to take DoorDash orders. DoorDash expects to keep the Instacart brand, its app and its enterprise products.

What does it mean for buyers of small businesses?

You are not DoorDash. But the reasons a large buyer pays a 26% premium for a network carry down to deals in the $500K to $50M revenue range that most of our clients look at.

Relationships are the asset. DoorDash is not buying trucks or warehouses. It is buying signed links with thousands of grocers. A small distributor, delivery firm or B2B service company is valued the same way. Count the active customer contracts, and check how many are on paper. Then check how much of revenue sits with the top few.

Three revenue lines beat one. Instacart earns from orders, from software and from ads. A small business with a second, steadier line, such as service contracts or software fees, is worth more than one that only sells jobs.

Cash is still king in the structure. Even a company with its own listed stock chose to pay at least 75% in cash. Sellers prefer cash because it is certain. At small-business scale, a buyer usually funds that cash with an SBA loan, a seller note and investor money. A seller note is often what closes the gap.

Promises help a deal get approved. DoorDash promised grocers and shoppers they keep their choices. Small buyers can use the same idea with staff and key customers. Saying early what will not change keeps people from leaving before the close.

If you plan to buy your first business, start at /buy. If you plan to buy several in one sector and run them with shared AI tools, read how to do an AI-powered roll-up. Moran Pober, who built and sold Rollups.com and has advised buyers and sellers for over ten years, works with both groups.

What should you watch next?

Watch the regulators. The deal needs the U.S. antitrust waiting period to end. It also needs other approvals, including in Canada and Israel. A long timeline, out to the first half of 2028, shows the companies expect a close review.

Watch the Instacart vote. Holders of about 19% of Instacart's shares have already agreed to vote for the deal. The proxy filing will set the date and explain how the board reached the price.

Watch the stock elections. Because stock is capped at 25%, the final mix each holder gets depends on what everyone else asks for.

Watch what DoorDash does with the promises. If the no-exclusivity rule for grocers holds, small grocers keep their choice of delivery partner. If it changes, local stores that depend on one app will need a plan.