(Bloomberg) —
Finnish food delivery startup Wolt Enterprises Oy built a thriving business focusing on mid-tier markets since its launch in 2015. On Tuesday, its surprise sale to DoorDash Inc. gave the company a top level exit.
The 7 billion-euro ($8.1 billion) all-stock purchase by San Francisco-based DoorDash is among the largest ever Finnish mergers and acquisitions deals and the largest in five years, according to data compiled by Bloomberg. It’s only topped by a 2016 acquisition of gamemaker Supercell Oy and a 2002 deal for telecommunications firm Telia Finland Oy, both for about $8.6 billion, and outranks Microsoft Corp.’s 2013 purchase of Nokia Oyj’s devices and services business.
Wolt, co-founded and led by Chief Executive Officer Miki Kuusi, had rapidly expanded abroad to 23 countries delivering meals as well as groceries and other goods. It raised $530 million from investors earlier this year to keep track with a boom in delivery during the pandemic.
Kuusi will now lead DoorDash’s international division as the U.S. leader expands into Europe at a time of intensifying competition. Rival rapid delivery startup Gopuff announced its launch into the U.K. on Tuesday after making a clutch of local acquisitions.
“DoorDash has built an incredible business in one of the most significant markets in the world, while we came from a small home country and had to master the art of expansion very early on” said Kuusi in a statement. “We’re incredibly excited to be joining forces.”
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