EQT Ventures and EQT Growth sell their stakes in Wolt, a leading food delivery platform operating in 23 countries
STOCKHOLM, November 9, 2021 / PRNewswire / – DoorDash (NYSE: DASH) Acquires Wolt in All-Stock Transaction Valued at Approximately 7 billion euros; EQT Ventures and EQT Growth to exit their stakes in Wolt and receive DoorDash shares as part of the transaction
EQT Ventures led the first Series A funding round for Wolt in 2016 and has since been a close partner and advisor to Wolt, participating in all subsequent funding rounds. EQT Growth has invested in the last $ 530 million round of financing in January 2021
Since its founding in Finland in 2014, the HelsinkiThe company has expanded to 23 countries and today employs over 4,000 people
Today, it was announced that DoorDash (NYSE: DASH) has entered into a definitive agreement to acquire Wolt (the “Company”) for approximately 7 billion euros in an all-equity transaction, subject to regulatory approval and other customary closing conditions for such transactions. As part of the transaction, EQT Ventures I (“EQT Ventures”) and EQT Growth are withdrawing from their holdings in Wolt and receiving shares in DoorDash. DoorDash is a technology company that connects consumers to their favorite local and national businesses in more than 7,000 cities across United States, Canada, Australia and Japan. With the acquisition of Wolt, DoorDash will add a significant international presence.
Wolt was established in 2014 at Helsinki, Finland, by the CEO Miki Kuusi and co-founders, who had a vision to create a truly tech-driven business that would make it easy and fun to find great food delivered right to your home or office. Wolt’s data-driven delivery platform and infrastructure provides customer convenience and new revenue opportunities for restaurants and retailers. It has grown rapidly and today operates in 23 countries and employs over 4,000 people.
EQT Ventures was one of Wolt’s early investors and participated in all subsequent funding rounds, in which it played a pivotal role in helping the Company to become one of the largest private technology companies in the world. Europe. EQT Growth joined the journey in January 2021 as part of Wolt’s latest growth funding round, demonstrating EQT’s ability to “support its winners” over time and on the EQT platform. Today, EQT Ventures and EQT Growth are together the main shareholders of Wolt.
Johan Svanström, partner in the advisory team of EQT Growth and member of the board of directors of Wolt since 2018, and Lars Jörnow, partner in the advisory team of EQT Ventures and member of the team of Wolt’s initial investment when the fund was running Series A, commented: “We are delighted to see Wolt and DoorDash join forces. EQT Ventures initially invested in a small, tech-obsessed and serious Finnish team who were looking for a practical and involved investment partner. Thanks to our close working relationships and the support of the capital investments of EQT Ventures, then EQT Growth, Wolt is today one of the Europe most successful private technology companies. It was a pleasure to support the CEO Miki Kuusi and the team in building and scaling the business and we look forward to following them for years to come. “
Miki Kuusi, CEO of Wolt, said: “The entire EQT platform has played a vital role in our growth and success over the past few years. EQT Ventures was one of our first funders and has stayed with us ever since. In 2021, we were delighted to welcome EQT Growth. today I’m extremely happy to announce that Wolt is partnering with the DoorDash team to kick off our next chapter. ”
The transaction is subject to regulatory approval and other customary closing conditions for transactions of this type. The DoorDash shares issued as part of the transaction will be valued at $ 206.45 per share, based on DoorDash’s 30-day VWAP as of November 3, 2021.
EQT Ventures and EQT Growth were advised by law firm DLA Piper.
EQT press office
[email protected], +46 8 506 55 334
DoorDash Investor Relations Contact
DoorDash Press Contact
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you may identify forward-looking statements because they contain words such as “may”, “will”, “should”, “expects”, “plans”, “foresees”, “could”, ” intends “,” targets “,” plans “,” considers “,” believes “,” estimates “,” predicts “,” potential “or” continues “or the negative of these words or other words or expressions similarities that relate to the proposed transaction and our expectations, strategy, plans or intentions therein. Forward-looking statements contained in this communication include, without limitation, (i) expectations regarding the timing, completion and expected benefits of the proposed transaction, (ii) plans, objectives and expectations regarding future operations, stakeholders and the markets in which Doordash and Wolt and the combined company will operate, and (iii) the expected impact of the proposed transaction on the businesses of the parties. Expectations and beliefs regarding these matters may not materialize, and actual results of future periods are subject to risks and uncertainties which could cause actual results to differ materially from those projected. These risks, uncertainties and other factors relate to, among others: risks and uncertainties relating to our current acquisition of Wolt, including failure to obtain or delays in obtaining the required regulatory approvals, failure to comply with the ‘one of the conditions for closing the proposed transaction on a timely basis or not at all and the costs and expenses associated with the non-closing; costs, expenses or difficulties related to the acquisition of Wolt, including the integration of the Wolt’s business; failure to realize the expected benefits and synergies from the proposed transaction on time or not at all; the potential impact of announcing, waiting for or completing the proposed transaction on relationships with our employees, customers, suppliers and other business partners and / or Wolt; the risk of litigation or regulatory action against us and / or Wolt; inability to retain key personnel; changes in laws or government regulations affecting us or affecting Wolt; developments in the COVID-19 pandemic and the resulting business and operational impacts on us and / or Wolt; and economic, financial, social or political conditions that could adversely affect us, Wolt or the proposed transaction. For more information on other potential risks and uncertainties that could cause actual results to differ from expected results, please see our Annual Report on Form 10-K for the year ended. December 31, 2020 and subsequent Forms 10-Q or 8-K filed with the Securities and Exchange Commission (the “SEC”). All information provided in this communication is as of the date of this communication and all forward-looking statements it contains are based on what we believe to be reasonable assumptions and on information available to us as of that date. We do not undertake to update this information, except as required by law.
No offer or solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration. or qualification under securities. laws of such jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of section 10 of the US Securities Act of 1933, as amended.
Important additional information will be filed with the SEC
DoorDash will file with the SEC a registration statement on Form S-4, which will include a prospectus from DoorDash. INVESTORS ARE URGED TO READ CAREFULLY THE STATEMENT OF REGISTRATION AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN ITS ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ON DOORDASH, PROPOSED QUESTIONS, AND THE TRANSACTIONS. Investors will be able to obtain free copies of the registration statement and other documents filed with the SEC through the website maintained by the SEC at www.sec.gov and on the DoorDash website at http://ir.doordash.com.
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