Sat. Nov 27th, 2021

Delivery program DoorDash has reached an agreement to acquire the Finnish delivery operator Wolt in a transaction with full stock worth € 7 billion.

Wolt in Helsinki, which has more than 4,000 employees, operates in 23 European markets, including Germany, where DoorDash was eager to gain a foothold in the highly competitive market for food and grocery delivery.

The application has more than 2.5 million active users, according to an investor offer published on Tuesday. That said, Wolt’s gross order volume – the total value of all transactions – was more than $ 2.5 billion, on an annual basis.

Miki Kuusi, Wolt’s founder and CEO, will run DoorDash International, a new division for its operations outside the US. He will report to DoorDash CEO Tony Xu, according to a release announcing the deal.

Other “key executives” will also join DoorDash, the company said. The deal is expected to close in the first half of 2022, subject to regulatory approval.

Wolt, founded in 2014, raised more than $ 800 million as a private company, including a $ 530 million round of financing led by Iconiq Capital in January.

Read more about DoorDash’s new acquisition here

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