DOORDASH AGREES TO BUY INSTACART FOR $17 BILLION

DoorDash agreed to buy Instacart ($CART) in a cash-and-stock deal valuing the grocery platform at roughly $17 billion in equity, according to Instacart's own third-quarter earnings release. The announcement landed alongside Instacart's strongest quarter as a public company: revenue rose 17% year-over-year to $1.095 billion, and gross transaction value climbed 15% to $10.53 billion. DoorDash ($DASH) is absorbing that growth just as Instacart canceled its earnings call and pulled its forward guidance once the deal was announced.