Summary
Instacart might sell itself to a larger competitor, according to multiple news reports The Information reported Friday that the grocery delivery compa…
The Information reported Friday that the grocery delivery company has hired an investment bank to help it evaluate its options, and that it’s held acquisition talks with DoorDash. And Bloomberg reported that the company has also talked to Uber — although Uber reportedly walked away from those discussions.
Instacart currently has a market cap of more than $13 billion, and its stock price is up 25% for the year to date. The company could see this as a good time to sell at a desirable price, before the grocery delivery market gets more competitive — but Bloomberg noted that these are early discussions that might not result in a sale.
An Instacart spokesperson declined to comment. The reports of a potential sale caused the company’s share price to spike more than 9.2% on Friday, while Uber and DoorDash stock declined.
Source: TechCrunch
