DoorDash to Acquire Deliveroo in \$2.85 Billion Cash Deal

On May 6, 2025, DoorDash announced a definitive agreement to acquire UK-based Deliveroo for 180 pence per share in cash, valuing the transaction at approximately $2.85 billion. The acquisition will be executed through a court-sanctioned scheme of arrangement under UK law and is expected to close in Q4 2025, subject to shareholder, court, and regulatory approvals.

To support the transaction, DoorDash entered into a $2.85 billion Bridge Term Loan Credit Agreement with JPMorgan Chase. Additionally, the company placed funds into escrow to meet UK Takeover Code requirements and facilitate the conversion of USD to GBP for the purchase.

Key shareholders Greenoaks Capital and DST Managers, along with all Deliveroo board members holding shares, have provided irrevocable undertakings to vote in favor of the deal, representing over 15% of Deliveroo's outstanding shares.

DoorDash and Deliveroo also signed a Co-operation Agreement covering regulatory filings, employee matters, and equity plans. The deal terms are final unless a competing offer emerges. If approved, DoorDash may opt to complete the acquisition through a standard takeover offer, subject to regulatory consent.

Deliveroo confirmed it received a non-binding proposal from DoorDash on April 5, 2025, regarding a possible all-cash offer to acquire Deliveroo at 180 pence per share.

After reviewing the offer with its advisers, Deliveroo’s Board indicated that it would be inclined to recommend a firm offer on these terms, subject to agreement on final conditions.

Deliveroo is providing DoorDash with due diligence access. There is no certainty that a firm offer will be made. DoorDash must announce a firm intention to make an offer or withdraw by May 23, 2025, under UK Takeover Code rules.

An offer period has formally commenced. Deliveroo is being advised by Goldman Sachs and Allen & Company.