Instacart’s $17 Billion Acquisition by DoorDash

On October 29, 2026, DoorDash, Inc. (“DoorDash”) and Maplebear Inc. (d.b.a. Instacart) (“Instacart”) announced a definitive agreement under DoorDash will acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. The aggregate transaction consideration will be at least 75% cash, with Instacart stockholders able to elect cash, DoorDash stock, or a combination of both, subject to proration so that DoorDash stock does not exceed 25% of the aggregate consideration. Instacart's board of directors has unanimously approved the agreement. Cravath is representing Instacart in connection with the transaction.

The Cravath team is led by partners Faiza J. Saaed, Daniel J. Cerqueira and Cole DuMond and includes associates Temiloluwa A. Dele-Dare, William Edin, Catherine M. Crevecoeur and Elisa B. Kong and foreign associate attorney Juan Blanco San Pastor on M&A matters; partners Noah Joshua Phillips and Margaret T. Segall, of counsel Christina B. Griffin and associates Lavinia M. Hecht and Charles Bloom on antitrust matters; partner George E. Zobitz and associate Emily E. Gust on banking matters; partner Lauren Angelilli and associate Jonathan Minion on tax matters; partner Matthew J. Bobby, of counsel Aaron S. Cha and associate Caroline Wyatt on executive compensation and benefits matters; partner David J. Kappos and associate M. Noa Ma on intellectual property matters; of counsels Annmarie M. Terraciano and Felise Cooper on environmental matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Matthew B. Spero also worked on executive compensation and benefits matters, Charlotte Bairey worked on antitrust matters and Yuting (Sophia) Lin worked on intellectual property matters.