(Reuters) – Shares in DoorDash Inc surged 16% Wednesday as the U.S.-based food delivery company bought Finnish startup Wolt for $8 billion to take a piece of Europe’s market and continue its rapid growth.

DoorDash will be able to enter new markets such as Germany, Denmark, and Sweden. It could also serve approximately 700 million customers.

Analyst Jake Fuller from BTIG said that “(The Move) jumpstarts international expansion.” He also stated that it would take DoorDash longer to get into international markets via “an organic buildout” if the acquisition had not been made.

Eight brokerages celebrated the agreement by increasing their target price for the stock. The lack of an international presence had been a problem for DoorDash analysts according to Evercore.

DoorDash’s growth momentum will be maintained by the takeover. According to data from Refinitiv, analysts expect a 65% increase in revenue for this year.

Tony Xu (DoorDash chief executive officer) stated that this partnership is about expansion and acceleration, in order to win a larger prize on a greater global stage.

Wolt’s first delivery to Helsinki, Finland, in 2015 was made through the all-stock agreement. It would now be worth approximately three times what it expected its gross order value of $2.5 million.

Jefferies (NYSE) analysts reported that the deal speaks volumes. “DoorDash would prefer to purchase a sector rival for more than its own trading multiple, than acquire incumbents at one percent of the value.”

DoorDash shares have more than doubled since the initial public offer in December. Before the bell, they were at $223.50.