Delivery service pioneer Will Shu relinquishes his position following DoorDash's acquisition.
Deliveroo, the UK-based food delivery service, is set to be acquired by American rival DoorDash in a deal worth £2.9 billion. The acquisition, which is expected to be completed early next month, will mark a significant milestone for the company that was founded in London by Will Shu in 2013.
The deal will see Will Shu stepping down from his role as CEO once the acquisition is finalised. According to reports, Shu is expected to receive £178 million from his stake in Deliveroo. The company's non-executive directors, including Cafe Rouge founder Karen Jones and Flutter boss Peter Jackson, will also step down once the takeover is complete.
Staff who collectively own around 36 million shares will share a £65 million pot as part of the deal. This comes after Deliveroo's stock fell by more than a quarter on its debut, marking a challenging start for the company on the London Stock Exchange.
The acquisition is subject to a court hearing on 30 September to confirm the takeover, with the deal expected to be completed on 2 October. This acquisition will make DoorDash the largest player in the European food delivery market, surpassing Uber Eats and Just Eat Takeaway.
It's worth noting that Deliveroo had no prior existence before it was founded by Will Shu in London in 2013; it was created as a new company and did not exist before then. The acquisition by DoorDash will undoubtedly bring about changes in the food delivery landscape, particularly in the UK and Europe.
This acquisition marks an exciting new chapter for both Deliveroo and DoorDash, and it will be interesting to see how the combined forces of these two companies shape the future of the food delivery industry.
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