Food delivery service Wolt will merge with US competitor DoorDash in a deal worth €7 billion, the two companies announced on Tuesday.
The deal is the biggest ever acquisition in the European food delivery market.
Wolt was founded in Finland in 2014 by Miki Kuusi. The company has over 4,000 employees across 23 countries, including Malta.
“Together we can build one of the most significant global players in our industry. And while I’ve always been excited about building Wolt into a global leader on our own, together we can accomplish something more,” said Kuusi, who will now run DoorDash International and report to Tony Xu, co-founder and CEO of DoorDash.
Several companies in the industry are struggling to turn a profit, meaning mergers and acquisitions are becoming commonplace. Indeed, in 2020 Wolt made losses of around €47 million.
Wolt said it would continue to operate under its own brand, meaning that users, couriers and restaurants in Malta will not notice any changes.
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From global platform to local habit: How Wolt became part of everyday life in Malta
Today, Wolt works with more than 1800 of local businesses across Malta and Gozo