Latham & Watkins is advising DoorDash on its proposed £2.9 billion acquisition of Deliveroo, the biggest UK take-private of the year.
White & Case is advising Deliveroo, building on its recent role guiding the company through its exit from Hong Kong.
Latham & Watkins and White & Case have landed lead roles on DoorDash’s proposed £2.9 billion acquisition of Deliveroo - one of the UK’s most high-profile public-to-private deals of the year.
San Francisco-based DoorDash tabled an offer of 180p per share last month and Deliveroo’s board formally recommended the deal to shareholders on Tuesday (6 May).
The offer values the business at around £2.4 billion on an enterprise basis and represents a 29% premium to Deliveroo’s share price on 24 April.
If approved, the combined company will operate in more than 40 countries, serving around 50 million monthly active users and generating an estimated $90 billion in gross order volume annually.
A short-lived life on the public markets
Deliveroo’s time as a listed company has been turbulent.
The food delivery group listed in London in 2021 at a pandemic-fuelled valuation of £7.6 billion - in a float guided by Freshfields - but quickly lost investor confidence. Bloomberg later branded the float as one of London’s worst ever IPOs.
Advising
Latham is advising DoorDash, with a team led by London corporate partners Ed Barnett and Doug Abernethy, alongside associates Harriet Stephenson, Becky Eaton and Catherine Fellows.
The firm’s Washington DC office is advising on financing matters.
White & Case is advising Deliveroo, continuing a relationship that includes advising the company earlier this year on its exit from Hong Kong.
The team is led by London M&A partners Guy Potel and Di Yu, and includes competition partner Marc Israel and employment partner Nicholas Greenacre (also London).
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