DoorDash strikes £2.9bn deal for Deliveroo

DoorDash has announced its acquisition of UK food delivery service Deliveroo for £2.9 billion, paying 180p per share in cash. This comes as Deliveroo, which operates in nine countries, has faced fierce competition and only recently reported its first annual profit after struggling since its London IPO four years ago. DoorDash CEO Tony Xu stated that the merger will leverage DoorDash’s operating strengths and Deliveroo’s local expertise to enhance innovation and execution in the food delivery sector.