India, Oct. 29 -- DoorDash, Inc. (DASH), a food delivery service provider, said on Thursday that it has inked a deal to buy Maplebear Inc. (CART), doing business as Instacart, for a total of $65 per share, or around $17 billion. The company will pay at least 75% of the total consideration in cash.
Instacart shareholders will receive $65 cash for each CART share, or 0.3372 DASH share for each CART share, or a mix of $48.75 in cash and 0.0843 DASH share for each CART share. The value of $65 per Instacart share represents a 26% premium to Instacart's closing price on October 22.
The acquirer expects to fund the cash portion of the consideration with cash on hand and debt. The company has entered into a financing commitment letter with JPMorg...