DoorDash agrees to buy Instacart for about $17 billion

DoorDash signed a definitive agreement to acquire Instacart parent Maplebear for $65.00 per share, an equity value of roughly $17 billion. At least 75% of the consideration will be cash, with Instacart holders able to elect cash, DoorDash stock, or a mix, subject to proration.

Why it matters: The deal combines two of the largest US on-demand delivery platforms, which pitch the tie-up as a way to help local stores compete.