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DoorDash and Panera are hangry to growINTL

DoorDash and Panera are hangry to grow

DoorDash (DASH) and Panera are all about inorganic growth (and no, we’re not talking about food). 

DoorDash announced two days ago that it’ll be taking on European food-delivery company, Wolt Enterprises, for about $8b. The all-equity deal is set to help the largest food delivery operator in the US break into the overseas market with the transaction set to close in H1 2022. Finland-based Wolt is a scrappy start-up with a presence in 23 countries and its operations could lead DoorDash to record $500m in net profits next year.

While DoorDash is priming up for a private deal, US-based cafe chain Panera Bread is going public (again). The company, which has the likes of Caribou Coffee and Einstein Bros Bagels as subsidiaries, is listing on the NYSE through a SPAC-merger with USHG Acquisition Corp (HUGS). The HUGS SPAC is backed by Danny Meyer, the restaurateur and Shake Shack founder, making Panera Bread a perfect tie-in.

why it matters

Panera’s listing is a move seen by other restaurant companies that were privately held before and now going public — Krispy Kreme went public in July while coffee chain Dutch Bros has filed plans to list as well. DoorDash, on the other hand, is a markets veteran by the looks of it as its stock closed off at a 11.7% high yesterday.