DoorDash agrees to buy Instacart in $17B deal

Two massive delivery companies will become one as DoorDash agreed to buy Instacart in a $17 billion deal.

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The boards of both companies have approved the deal, which would bring together the largest restaurant delivery company and the largest grocery delivery app.

Instacart shareholders would get $65 per share, mostly in cash, The New York Times reported.

DoorDash said it had completed 993 million orders in the third quarter, with customers spending almost $34 billion. Instacart said it had 90.3 million orders valued at nearly $1 billion in the second quarter.

Check back for more on this developing story.