DoorDash announced Tuesday it’s acquiring Wolt, a food delivery platform that’s expanded into groceries and retail, in an all-stock transaction that’s valued at $8.1 billion.

It is an attempt to increase the company’s global growth. After an initial drop, DoorDash shares rose almost 4% during after-hours trades.

Wolt has approximately 4,000 employees currently and is present in 23 other countries, according to the release. The company claimed that it had reached 10 million users in January.

Miki Kuusi will be the current CEO of Wolt and co-founder, as DoorDash International’s new president. It is anticipated that the deal will close by 2022’s second quarter.

DoorDash announced the news as part its third-quarter earnings report.

Below are some key numbers

• Loss:In a survey by Refinitiv, analysts expected 30cs instead of 26cs
• Revenue1.28 Billion vs. $1.18 Billion

DoorDash stated that revenue increased by 45% in the last year. The total orders rose 47% to 347 millions.

In the last quarter, over 3,000,000 people rendered services or “dashed” to help earn $2.8 billion. It also stated that it had 500,000 merchant partners, indicating its continued growth at “a pace faster than the pre-pandemic level.”

These news are in development. Stay tuned for new updates.

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