Deliveroo, the food delivery app, has agreed to be taken over by US giant DoorDash in a deal valuing the British business at £2.9bn.
The deal is the latest example of a UK-listed company being taken over by a US rival.
The combined company will have a presence in more than 40 countries with global sales of about $90bn (£68bn).
“The combination with Deliveroo will strengthen DoorDash’s position as a leading global platform in local commerce,” the two firms said.
DoorDash is offering 180p per Deliveroo share, which marks a 44% increase on the UK company’s share price from the point when takeover talks were made public last month.
However, it is well below the 390p share price that Deliveroo first floated at when it launched on the London Stock Exchange in April 2021.
Will Shu, chief executive and co-founder of Deliveroo, said he was “very proud of everything we have achieved as a standalone business”.
However, he said the deal with DoorDash was “transformative”.
“DoorDash and Deliveroo are like-minded organisations with a shared strategic vision and aligned values,” he said.
“The enlarged group will have the scale to invest in product, technology and the overall consumer value proposition.”
