Instacart Signs Definitive $65.00/Share DoorDash Merger, ~$17B Equity Value
CART sits 81% above its 52-week low of $32.73.
Summary
Instacart agreed to be acquired by DoorDash for $65.00 per share in cash and stock, about $17 billion in equity value, with a 25% stock cap and closing targeted for end-2027 or the first half of 2028.
Key Events · M&A and Partnerships · CART
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DoorDash to Acquire Instacart
A definitive merger agreement signed October 28, 2026 values each Instacart share at $65.00, or roughly $17 billion in equity value, a 26% premium to the October 22, 2026 closing price.
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Cash, Stock or Mixed Election
Holders elect $65.00 cash, 0.3372 DoorDash shares, or $48.75 cash plus 0.08430 DoorDash shares; stock consideration is capped at 25% of the total and prorated if oversubscribed.
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Break Fees Both Ways
Instacart pays DoorDash $650 million if it terminates for a superior proposal; DoorDash pays Instacart $1.25 billion if the deal is terminated on specified antitrust grounds.
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19% of Shares Locked Up
D1 Capital Partners and Sequoia Capital Operations signed voting and support agreements to vote their shares in favor of the merger.
Analysis · CART · Trade & Services
The definitive agreement is now signed: DoorDash will acquire Instacart at $65.00 per share, roughly $17 billion in equity value and a 26% premium to the October 22 close before deal reports surfaced. Stockholders can elect all cash, 0.3372 DoorDash shares, or $48.75 cash plus 0.08430 DoorDash shares, with stock capped at 25% of total consideration and prorated if oversubscribed. The board unanimously recommends the deal, and holders of about 19% of shares have already agreed to vote yes. Regulatory approval is the main risk: HSR, Canada and Israel clearances must be obtained, and the outside date is 12 months out with up to four automatic three-month antitrust extensions. If regulators block it, DoorDash pays Instacart $1.25 billion; if Instacart walks to a superior proposal, it pays $650 million. Closing is targeted for end-2027 or the first half of 2028, so the stock should trade toward deal value rather than on operating results.
At the time of this filing, CART was trading at $59.09 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $13.5B. The 52-week trading range was $32.73 to $62.00. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.