那真是太快了！DoorDash 今天早上表示，它同意以约170亿美元收购杂货配送应用 Instacart，主要以现金融资，借款为主，距离我们报道 Instacart 正在洽谈出售仅几天。
That was fast! DoorDash said this morning that it agreed to buy grocery delivery app Instacart for roughly $17 billion, mostly in cash financed by borrowing, just a few days after we reported that Instacart was in talks to sell itself .
在我们的报道之后，DoorDash 与 Instacart 迅速完成交易，交易价格约比 Instacart 股价高出 30%，高于我们披露其洽谈前的交易价格。两家公司想在各自公布季度财报之前签署协议，原本计划在下周公布财报，熟悉此事的人士表示。两家公司今天才公布财报。交易完成可能需要一年或更长时间。那么这笔交易是如何达成的？
After our report, DoorDash and Instacart rushed to seal the deal at a roughly 30% premium to where Instacart shares traded before we broke the news of their talks. They wanted to get it signed before both reported quarterly earnings, which were originally scheduled for next week, say people familiar with the matter. Both companies reported earnings today instead. A deal could take a year or longer to close. So how did this deal come together?
多年来，DoorDash 的领导层一直在考虑收购 Instacart，以加强其杂货销售，熟悉讨论的人士透露。Uber 作为 DoorDash 在餐饮配送领域的竞争对手，通过 Uber Eats 与 Instacart 也曾在 2026 年前讨论过收购，并与 Instacart 维持多年商业合作关系。
Over the years, DoorDash’s leaders have thought about buying Instacart to buttress their grocery sales, according to people familiar with the discussions. Uber, a competitor to DoorDash in restaurant deliveries through Uber Eats, had also talked to Instacart about an acquisition before 2026, and it has had a commercial partnership with Instacart for years.
自上市以来，Instacart 的年度收入增长已大幅放缓——2025 年为 11%。（公司今天发布的财报显示，第三季度销售额增长 17%。）它面临来自亚马逊和沃尔玛的激烈竞争，两者都提供杂货配送服务：沃尔玛在 2025 年所有线上杂货销售中占比近 32%，亚马逊占比近 23%，根据市场研究公司 eMarketer 的报告。去年，它失去了长期 CEO Fidji Simo，转投 OpenAI，以及首席产品官 Daniel Danker，转投沃尔玛。
Since going public, Instacart’s annual revenue growth has slowed considerably—to 11% in 2025. (In the third quarter, sales increased 17%, according to the earnings report the company released today.) It faces considerable competition from Amazon and Walmart, which both offer grocery deliveries: Walmart accounted for nearly 32% of all online grocery sales in 2025, while Amazon had almost 23%, according to a report from eMarketer, a market research firm. And last year it lost longtime CEO Fidji Simo to OpenAI and Chief Product Officer Daniel Danker to Walmart.
因此，今年 Instacart 的领导层认为现在是出售的合适时机，熟悉此事的人士透露。
So this year, Instacart’s leaders believed it was the right time to sell, according to people familiar with the matter.
Instacart 的领导层也不想错过在特朗普政府期间与竞争对手合并的窗口期，他们认为那时对此类交易更友好，熟悉该交易的人士表示。
Instacart leaders also didn’t want to miss a window to merge with a competitor during the Trump administration, which it viewed as being friendlier to such deals, said the people familiar with the deal.
据知情人士透露，八月下旬，Instacart 的高层将公司出售给 Uber。Uber 的高管们觉得有必要了解情况，于是开始洽谈。Instacart 向 Uber 表示，认为通过与 Walmart 和 Amazon 这两家更大、更强劲的竞争对手对比，交易有望通过反垄断监管机构的审查。
Around late August, Instacart leaders shopped the company to Uber, according to people familiar with the matter. Uber executives felt obliged to take a look and started talking. Instacart told Uber that it thought a deal could make it past antitrust regulators by arguing that Walmart and Amazon were larger, formidable competitors, according to a person familiar with the pitch.
Instacart 邀请了高盛（Goldman Sachs）协助其谈判。该零售配送公司长期与这家投资银行保持密切关系，高盛合伙人尼克·乔瓦尼（Nick Giovanni）曾于 2021 年至 2024 年担任 Instacart 的首席财务官。
Instacart brought on Goldman Sachs, which took Instacart public in 2023, to advise them on a deal. (The grocery delivery firm has long been close to the investment bank, and Goldman partner Nick Giovanni served as Instacart’s chief financial officer from 2021 to 2024.)
与 Uber 交谈后，Instacart 开始与 DoorDash 进行对话，知情人士称。DoorDash 与精品银行 Centerview Partners 合作，迅速展开行动。2021 年，DoorDash 曾考虑以超过 400 亿元的估值收购 Instacart，但因担心拜登政府会对该收购提出反垄断反对，交易未能成行。自那以后，Instacart 的收入增长放缓，但已开始产生大量现金流。
After talking with Uber, Instacart began conversations with DoorDash , people with knowledge of the discussions. Working with boutique bank Centerview Partners, DoorDash sprang to action, the people said. In 2021, DoorDash had considered buying Instacart in a deal that would’ve valued Instacart at more than $40 billion. Nothing happened partly because they thought the acquisition would face antitrust opposition from the Biden administration.
Uber 对此交易并不热衷。它并不确定监管机构会批准，并且最近宣布以 150 亿元收购欧洲配送公司 Delivery Hero，Uber 内部人士透露。最终，Uber 在九月退出了与 Instacart 的谈判。Instacart 随后继续与 DoorDash 的合作。
While Instacart’s revenue growth has slowed since then, it has started to generate plenty of cash. Uber wasn’t as keen on a deal. It wasn’t necessarily convinced that regulators would sign off, and it had recently announced another big acquisition, a $15 billion deal for Europe-based Delivery Hero, people close to Uber said.
与 DoorDash 的出售可能帮助 Instacart 与 Amazon 和 Walmart 竞争，借助 DoorDash 在相对富裕、经常使用餐饮配送应用的客户群体中获得优势。DoorDash 已经为 Safeway 等零售商提供杂货配送服务，除其核心餐饮配送业务外。（但一些杂货商如 Kroger 已经与两家公司合作。）伯恩斯坦研究公司周二估计，DoorDash 与 Instacart 的组合将占美国所有线上杂货销售的 23%。
Uber ultimately pulled away from the Instacart talks in September. Instacart then moved ahead with DoorDash. A sale to DoorDash could help Instacart compete against Amazon and Walmart by getting in front of relatively well-to-do customers who regularly use the restaurant-delivery app.
韦布什证券分析师本周在给投资者的说明中表示，他们预计监管机构会接受 DoorDash 收购 Instacart。尽管如此，一些与两家公司合作的杂货商可能不喜欢这笔交易，因此即使美国当局批准，州总检察长也可能自行审查竞争对手的合并。
DoorDash already offers grocery delivery from retailers such as Safeway, in addition to its core restaurant-delivery business. (Some grocers like Kroger already work with both companies, however.)
尚不清楚 Instacart 与 Uber 的合作关系会如何发展，后者允许客户通过 Instacart 应用订购 Uber Eats。但 DoorDash 表示，交易完成后将保持 Instacart 作为独立品牌。
Research firm Bernstein estimated Tuesday that a combination of DoorDash and Instacart would account for 23% of all online grocery sales in the U.S.
Instacart 的创始人兼前首席执行官阿波尔瓦·梅塔在一份声明中表示，他与 DoorDash 首席执行官托尼·徐“多年来一直在探索将 Instacart 与 DoorDash 合并的可能性。我们一直回到这个问题，因为工业逻辑始终很清晰。”
Wedbush Securities analysts said in a note to investors this week that they expect regulators will be OK with DoorDash buying Instacart.
梅塔说：“现在‘世界上最大的公司’正进一步深入杂货配送，零售商和餐厅需要技术和服务来竞争，而 Instacart 与 DoorDash 可以成为他们在这场竞争中的‘合作伙伴’。”今天在 TITV来自我们记者的新消息独家OpenAI 的 Astra 模型成为中国 AI 实验室的首选蒸馏目标作者：杨静、奥萨瓦·朱罗和刘倩儿“没人准备好”：AI 发现的漏洞引发企业安全支出狂潮推荐新闻简报Stephanie Palazzolo 的 AI 议程将炒作与现实区分开来，并解释 AI 如何改变行业。
Still, some grocers that work with both companies might not love the deal, so even if U.S. authorities approve it, state attorneys general might review the merger of competitors themselves. It isn’t clear what will happen to Instacart’s partnership with Uber, in which customers can order Uber Eats from the Instacart app. But DoorDash said it’s keeping Instacart as a separate brand after the deal closes.
每周四期的新闻简报详细介绍了 AI 领域的创新与颠覆，从 AI 初创公司融资狂潮到将决定未来几十年议程的重大技术突破。立即注册。即将举行的活动11 月 9 日星期一 — 与《信息》与 EY 咨询在旧金山举行的亲密晚宴信任正迅速成为人工智能时代的核心问题。晚餐期间，《信息》创始人兼总编辑杰西卡·莱辛（Jessica Lessin）与EY美洲咨询副主席惠特·巴特勒（Whitt Butler）将坦诚讨论领导者如何建立并保持这种信任。
Apoorva Mehta, the founder of Instacart and its former CEO before Simo joined, said in a statement that he and DoorDash CEO Tony Xu “have explored bringing Instacart and DoorDash together on and off over the years. We kept coming back to it because the industrial logic has always been clear.”Now that “the biggest companies in the world” are moving deeper into grocery delivery, Mehta says “retailers and restaurants need the technology and service to compete,” and Instacart and DoorDash can be their “partner in that fight.”
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