DoorDash Completes Acquisition of Wolt
DoorDash has completed the acquisition of Wolt Enterprises Oy in an all-stock transaction, expanding its operations to 27 countries, including the U.S. Miki Kuusi, Wolt's CEO, will lead the combined international team, with plans to enhance product development and investment efficiency. DoorDash's CEO Tony Xu expressed confidence in leveraging synergies for local economies and accelerating their global growth. Wolt will continue operating its app separately while maintaining its existing markets. This strategic move aims to solidify DoorDash's international presence and create better services for all stakeholders.
- Acquisition of Wolt enhances DoorDash's international footprint to 27 countries.
- Synergies expected from the combined operations to improve product development.
- Wolt CEO Miki Kuusi to lead international strategy, boosting efficiency.
- None.
SAN FRANCISCO and HELSINKI, June 1, 2022 /PRNewswire/ -- DoorDash, Inc. (NYSE: DASH) today announced that it has completed the acquisition of Wolt Enterprises Oy ("Wolt") in an all-stock transaction, bringing DoorDash to a total of 27 countries including the United States.
Going forward, Wolt CEO Miki Kuusi will oversee the combined company's team and operations outside the United States, reporting to DoorDash CEO Tony Xu. Under Miki's leadership, DoorDash aims to accelerate its international growth through faster product development and improved investment efficiency. The Wolt consumer app will continue to run separately, supported by the resources of a global technology company. Wolt plans to maintain operations in all of the markets where it currently operates.
"DoorDash is at the beginning of a colossal journey, and I'm more excited than ever about what we're building and the potential to help hundreds of millions of people across the globe in our mission to empower local economies," said Tony Xu, DoorDash Co-Founder and CEO. "Together with Wolt, we believe we have the best team and platform to serve merchants, consumers, and couriers in our existing and future markets. Our journey in building our international business is just beginning and we're confident in the incredible future we will build together."
"Today marks the beginning of a new chapter for Wolt," said Miki Kuusi, Wolt CEO and DoorDash Head of International, "By joining forces with DoorDash, we have an even greater ability to build delightful products and services across continents. Our two companies share a strong vision for local commerce, and working side by side, we can accomplish more for all our stakeholders."
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the transaction and other information related to the transaction. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "aims," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern the transaction and our expectations, strategy, plans or intentions regarding it. Forward-looking statements in this communication include, but are not limited to, (i) expectations regarding the expected benefits of the transaction, (ii) plans, objectives and expectations with respect to future operations, stakeholders and the markets in which DoorDash and Wolt and the combined company will operate, and (iii) the expected impact of the transaction on the business of the parties. Expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. For information on potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Form 10-Qs or Form 8-Ks filed with the Securities and Exchange Commission. All information provided in this communication is as of the date of this communication and we undertake no duty to update this information unless required by law.
DoorDash (NYSE: DASH) is a technology company that connects consumers with their favorite businesses. Founded in 2013, DoorDash enables local businesses to address consumers' expectations of ease and immediacy and thrive in today's convenience economy. By building the logistics infrastructure for local commerce, DoorDash is bringing communities closer, one doorstep at a time.
Wolt is a Helsinki-based technology company that makes it incredibly easy to discover and get the best restaurants, grocery stores and other local shops delivered to you. To enable this, Wolt develops a wide range of technologies from local logistics to retail software and financial solutions, as well as operates its own grocery stores under the brand Wolt Market. Wolt was founded in 2014 and joined forces with DoorDash in 2022. DoorDash operates in 27 countries today, 23 of which are with the Wolt product and brand.
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