M&A Deal Summary

Doordash Acquires Wolt

On November 9, 2021, Doordash acquired internet software and services company Wolt from EQT, KKR and ICONIQ Capital for 7.0B EUR

Acquisition Highlights
  • This is Doordash’s 3rd transaction in the Internet Software and Services sector.
  • This is Doordash’s 0th largest (disclosed) transaction.
  • This is Doordash’s 1st transaction in Finland.

M&A Deal Summary
Date 2021-11-09
Target Wolt
Sector Internet Software and Services
Buyer(s) Doordash
Sellers(s) EQT
KKR
ICONIQ Capital
Deal Type Add-on Acquisition
Deal Value 7.0B EUR

Target

Wolt

Helsinki, Finland
Wolt is a technology company that makes it incredibly easy to discover and get the best restaurants, grocery stores, and other local shops delivered to home or office. Wolt works together with over 30,000 restaurant and retail partners as well as with over 60,000 courier partners across 23 countries and 129 cities. Wolt was founded in 2014 and is based in Helsinki, Finland.

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Buyer(S) 1

Buyer

Doordash

San Francisco, California, United States
Category Company
Founded 2013
Sector Internet Software and Services
Employees19,300
Revenue 8.6B USD (2023)
DESCRIPTION

Doordash is a tech company that is building the future of local, on-demand delivery. The company is working to connect more businesses to more people. It wants to shrink every city by bringing people anything faster, fresher, and farther away. Doordash was founded in 2013 and is based in San Francisco, California.

DEAL STATS #
Overall 3 of 4
Sector (Internet Software and Services) 3 of 4
Type (Add-on Acquisition) 2 of 3
Country (Finland) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Caviar

San Francisco, California, United States

Caviar is a delivery solution for consumers to order food from local eateries with the ability to live-track the order on a map.

Buy $410M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-01 Bbot

New York, New York, United States

Bbot is a customer-first technology company that builds order-and-pay software designed to improve the guest ordering experience and take the burden off hospitality operators like you. Bbot was founded in 2017 and is based in New York City.

Buy -

Seller(S) 3

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 156 of 186
Sector (Internet Software and Services) 3 of 5
Type (Add-on Acquisition) 63 of 72
Country (Finland) 13 of 14
Year (2021) 19 of 22
Size (of disclosed) 1 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-03 Fenix Marine Services

Terminal Island, California, United States

Fenix Marine Services is a container terminal with a long-term concession providing container handling services to shipping lines including stevedoring, intermodal and truck services, storage, and maintenance. Fenix Marine Services is based in Terminal Island, California.

Sell $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-16 COFORGE

New Delhi, India

COFORGE is a global IT solutions organization addressing the requirements of clients across Americas, Europe, Asia, and Australia. COFORGE was founded in 1992 and is based in New Delhi, India.

Sell -
SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 172 of 204
Sector (Internet Software and Services) 13 of 17
Type (Add-on Acquisition) 59 of 66
Country (Finland) 2 of 2
Year (2021) 21 of 21
Size (of disclosed) 2 of 38
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-08 CTT

Tokyo, Japan

CTT is a chemical storage tank operator, offering over 300,000 cubic meters of storage capacity across seven terminals located near key ports and strategic hubs around Tokyo Bay, Osaka Bay, Nagoya, and Kitakyushu. CTT provides tank storage and auxiliary services to more than 80 blue-chip customers, including major chemical manufacturers. CTT was founded in 1966 and is based in Tokyo, Japan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-15 CyrusOne

Dallas, Texas, United States

CyrusOne is a global REIT specializing in design, construction, and operation of more than 50 high-performance data centers worldwide. The Company provides mission-critical facilities that ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies. CyrusOne was founded in 2001 and is based in Dallas, Texas.

Buy $15.0B
SELLER

ICONIQ Capital

Category Growth Capital Firm
Founded 2011
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

DEAL STATS #
Overall 12 of 17
Sector (Internet Software and Services) 4 of 6
Type (Add-on Acquisition) 2 of 5
Country (Finland) 1 of 1
Year (2021) 6 of 8
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-09 Reprise

Boston, Massachusetts, United States

Reprise is a no-code product experience platform that empowers enterprise sales and marketing teams to create sales demos, product tours, and trial environments. Reprise was founded in 2019 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-17 Braze

New York, New York, United States

Braze is an intelligent customer relationship suite for mobile-first marketers. Their technology empowers brands to build better relationships with their customers through mobile and other digital marketing channels. Braze was formed in 2011 and is headquartered in New York City.

Sell -
Mergr

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