DoorDash to buy Instacart for about $17 billion

DoorDash agreed to acquire grocery delivery app Instacart for roughly $17 billion, mostly in cash financed by borrowing. The deal carries a premium of about 30% to Instacart's share price before reports of the talks, and closing could take a year or more.

• Deal valued at about $17 billion, mostly debt-financed cash
• Premium of roughly 30% to Instacart's pre-leak share price
• Instacart Q3 sales rose 17%
• Bernstein estimates the combined company would hold 23% of US online grocery sales