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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. Announcements regarding our financial performance, including SEC filings, investor events, as well as press and earnings releases are available on that site. A live audio webcast of our earnings release call will be available at. Miki Kuusi, Wolt Co-Founder and CEO will join DoorDash management on the call. ĭoorDash will conduct its Q3 earnings release call today at 2:00pm (PT) / 5:00pm (ET). The press release and accompanying Q3 Shareholder Letter are available on DoorDash's investor relations website at. In a separate press release issued today, DoorDash announced its financial results for the third quarter of 2021. The companies have published a presentation to provide an overview of the transaction, which is available on DoorDash's investor relations website at. Qatalyst Partners is acting as exclusive financial advisor to Wolt, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier, Attorneys Ltd.
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LLC is acting as exclusive financial advisor to DoorDash, and Wilson Sonsini Goodrich & Rosati, Allen & Overy LLP and Avance Attorneys Ltd are acting as its legal advisors with regard to the transaction. The board of directors of both companies have approved the transaction and stockholders representing the majority of Wolt's outstanding shares have committed to support the transaction. We currently expect to close the transaction in 1H 2022 Transaction is subject to customary closing conditions for transactions of this type, including applicable regulatory approvals Expect to be accretive to GOV growth in 2022 New retention pool of approximately € 500 million reserved for Wolt management and employees All stock transaction DoorDash equity 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 Transaction is valued at approximately € 7.0 billion, subject to customary purchase price adjustments We expect the ingenuity, product expertise, and operational excellence of our combined company to expand our TAM, improve our investment efficiency, increase our long-term profit potential, and generate significant shareholder value." "Joining forces with Wolt will deepen our pool of superb talent and allow us to accelerate our international growth, while elevating our focus on the U.S. "We have an opportunity to build a global platform for local commerce in the internet era," said Tony Xu. We expect to continue investing aggressively in the combined team to build our platform and grow our global business. Under Miki's leadership, we expect to increase our international scale, accelerate our product development, and improve our investment efficiency.
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Upon closing of the acquisition, Miki Kuusi will run DoorDash International, reporting to Tony Xu. We believe Wolt's combination of technological innovation, operational expertise, and intense focus on the consumer experience are characteristics that will allow our combined company to build a leading local commerce platform and drive substantial growth for many years. Its operational efficiency allows it to sustainably operate in a variety of environments ranging from rural towns to dense city centers. Wolt's consumer obsession and attention to detail are evident in its superb consumer loyalty and retention rates. Wolt's team of over 4,000 employees operates a leading local commerce platform across 23 countries. By joining forces, we believe we will accelerate our product development, bring greater focus to each of our markets, and improve the value we provide to consumers, merchants, as well as Dashers and couriers around the world." "Under the leadership of Miki Kuusi, Wolt has built a culture of optimism, operational rigor, and bias for action that matches our own. "DoorDash and Wolt share a vision to build a global platform for local commerce that empowers the communities we operate in," said Tony Xu, Co-founder and CEO of DoorDash.