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Instacart held sale talks with DoorDash and Uber, reports say
TechCrunch said Instacart has discussed a sale with DoorDash and Uber after reports it hired a bank to review options, with Uber said to have walked away.
- New headline Was: “Instacart reportedly discussed selling itself with DoorDash and Uber”
- Our desk filed its story
Instacart has discussed selling itself to larger delivery companies, TechCrunch reported Saturday, citing other news organizations1.
The Information reported Friday that the grocery delivery company hired an investment bank to help it evaluate its options and held acquisition talks with DoorDash, according to TechCrunch1.
Bloomberg reported that Instacart also talked to Uber, though Uber walked away from those discussions, TechCrunch said1.
TechCrunch said Instacart had a market capitalization of more than $13 billion and that its stock was up 25% year to date1. The outlet said the company could view that as a window to sell before grocery delivery grows more competitive, while noting Bloomberg's description of the talks as early and not certain to end in a sale1.
Reports of a potential sale sent Instacart's share price up more than 9.2% on Friday, while Uber and DoorDash stock declined, TechCrunch said1. The outlet said it had reached out to Instacart for comment1.
