Latham & Watkins Advises DoorDash on US$17 Billion Acquisition of Instacart

DoorDash, Inc. (Nasdaq: DASH) and Maplebear Inc. (d.b.a. Instacart, Nasdaq: CART) have announced a definitive agreement under which DoorDash will acquire Instacart for a total value of US$65 for each Instacart share, or an equity value of approximately US$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.

Latham & Watkins LLP represents DoorDash in the transaction with a corporate deal team led by Bay Area partner Mark Bekheit, New York partner Ian Nussbaum, and Orange County partner Shannon Cheng, with associates Amy Lutfi, Tim Schubert, Joanna Yam, Ashley Nelson, and Emily Okabe. Advice was also provided on capital markets matters by Orange County partner Drew Capurro, with associate Jacob Walsh; on executive compensation and benefits matters by Bay Area partners James Metz and James Robinson, with associates Gabriela Alvarez and Heather Jäger; on tax matters by Bay Area partner Katharine Moir, with associates Gregory Conyers and Jay Khurana; on antitrust matters by Washington, D.C. partner Mandy Reeves, Bay Area partner Kelly Fayne, Brussels partner Giuditta Caldini, London partner David Little, Washington, D.C. counsel Keith Klovers, and London counsel Alexander Reicher, with associates Oscar Hayward, Florence Eicher, Jan Hendrik Fitzl, Rebecca Frumento,* Carla Palma, Karen Kim, Sabrina Feng, and Won Kyung (Helen) Lee; on labor matters by New York partner Sandra Benjamin, with associates Jenny Bobbitt and Elizabeth Duncan; on intellectual property matters by Bay Area partner John McGaraghan and Bay Area counsel Arielle Singh, with associates Julian Savelski, Gaby Forte, Karen Lee, and Ying Yang; on data privacy and cybersecurity matters by Houston/Austin partner Robert Brown, with associate Sarah Zahedi; on finance matters by Washington, D.C. partners Jason Licht and Christopher Clark, Los Angeles partner Mark Morris, and counsel Jonathan Shih, with associates Jack Anderson, Katya Roze, Laura Edwards, Daniella Moretti, Logan McDowell,** and Brittany Grego, with assistance from Jen Park; on trade controls matters by Washington, D.C. associates Dillon Curtis and Matthew Crawford; on FCPA and anti-bribery matters by Washington, D.C. partner Erin Brown Jones, with associate Vikhyath Veeramachaneni.