A combination would create a home delivery giant, merging Instacart’s grocery-centric platform with DoorDash’s restaurant-centric one. DoorDash had already made a bid for Instacart in 2021, but at a significantly higher valuation. Those talks broke down because of pricing and concerns about antitrust enforcement, neither of which are relevant today. Instacart has a valuation of around $12 billion, but at a conservative premium it would likely bring in around $15 billion. DoorDash has a market capitalization of around $75 billion.
The grocery delivery and home delivery industry faces stiff competition from Amazon and Walmart, which have put pressure on conventional grocers for years.
The companies also likely wouldn’t face antitrust concerns: The Trump administration has taken a light-handed approach to other mergers, including a mammoth combination between Warner Bros. Discovery and Paramount. But negotiators expect that window to close, or at least change, if Democrats succeed at the polls next month: Senior Democratic officials have already said they will seek to investigate antitrust approvals and deals.
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