DoorDash completed the acquisition of Deliveroo on 2 October 2025, after the court sanctioned the scheme of arrangement on 30 September. The transaction, announced in May 2025, is a US and UK deal, and we analyse it as a reference because it sets the price at which a delivery leader consolidates a platform with nine countries, about 176,000 merchant partners and around seven million monthly active consumers.
The transaction
The acquisition was executed through a scheme of arrangement under Part 26 of the UK Companies Act, with court sanction on 30 September 2025 and closing on 2 October. According to DoorDash’s 10-Q for the first quarter of 2026, the consideration transferred for Deliveroo was USD 3,724 million, with goodwill of USD 1,981 million, and it was fully settled as of 31 March 2026. PYMNTS estimated the enterprise value at about GBP 2.4 billion.
Deliveroo operated in nine countries with about 176,000 merchant partners, more than 130,000 riders and around seven million monthly active consumers in 2024. DoorDash presented the deal as the creation of a global leader in local commerce. Deliveroo’s revenue or EBITDA multiples do not appear in the sources reviewed.
Value drivers
Geography and density. Nine countries, 176,000 merchant partners and more than 130,000 riders. In our reading, the buyer is paying to enter markets where building rider and merchant density from scratch would cost more years than the price.
More than half is goodwill. USD 1,981 million of the USD 3,724 million is goodwill; by our calculation, 53% of the price is attributed to the network and market position rather than to identifiable assets. That percentage measures how much scale in delivery is worth relative to technology or contracts.
A single price and closing certainty. A court-sanctioned scheme of arrangement gives the buyer execution certainty and all shareholders a single price; payment was fully settled within six months. In our reading, it is the structure a strategic buyer prefers when the target is listed and has dispersed shareholders.
Consolidation at the top of the market. The leader in one market buys the leader in others with no equity round in between. For regional operators, the signal is that the buyer exists and pays in cash.
What the market is signalling
For delivery platforms in Mexico, the reference arrives as Rappi, operating in Mexico and nine countries, reports four quarters of positive EBITDA, evaluates a public offering towards the end of 2026 and received in September 2025 a USD 25 million convertible note from Amazon with an option for up to 12%. In our reading, Deliveroo shows the price of an exit by sale to a global consolidator and Rappi shows the alternative path: a minority strategic first and the public market later.
For lenders to last-mile platforms, DoorDash’s closing confirms that a network of riders and merchants is paid for as goodwill by a buyer with cash. Rappi raised in August 2025 a USD 100 million senior secured facility with Kirkoswald and Santander; in our reading, the existence of a global cash buyer is what makes that kind of debt financeable ahead of the liquidity event.
G2’s reading for a mandate
A sell-side mandate for a delivery platform in Mexico should present the network with the three metrics DoorDash published for Deliveroo: merchant partners, riders and monthly active consumers by country, together with EBITDA by market. In our reading, the competitive process should include at least one global consolidator and one e-commerce strategic, because Deliveroo and Rappi show that both pay for the same network with different instruments.
Sources
- DoorDash, 2 October 2025: DoorDash completes acquisition of Deliveroo
- SEC, first quarter 2026: DoorDash, Form 10-Q, quarter ended 31 March 2026
- PYMNTS, 2 October 2025: DoorDash says Deliveroo acquisition creates global leader in local commerce
- Bloomberg Law, 8 September 2025: Amazon buys stake in Latin American delivery startup Rappi
- Bloomberg Línea, 22 May 2025: CEO de Rappi evaluará el panorama en 2026 para salir a bolsa
- Emprendedor, August 2025: Rappi cumple 10 años en México con 100 mdd de inversión