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Illustration: Eniola Odetunde/Axios

DoorDash agreed to buy Wolt, a Finland-based restaurant delivery company that operates in 23 European countries, for €7 billion (more than $8 billion) in stock.

Why it matters: It reflects how the local food and convenience delivery wars will be globalized via acquisition. Recent deals include Just Eat Takeaway going stateside via the purchase of GrubHub and Gopuff entering the U.K. via the acquisitions of Dija and Fancy.

The big picture: DoorDash shares climbed more than 17% in off-hours trading, aided by an earnings beat, a gain that's much greater than the purchase price for Wolt.

  • Wolt had raised over $800 million, most recently in a Series G round earlier this year at a €2.62 billion valuation. Backers include EQT Ventures, Iconiq, Goldman Sachs, Highland Europe, Lifeline Ventures and 83North.

The bottom line: DoorDash had already dipped its toes into international expansion via a summer launch in Japan, and also bought a minority stake in German dark store startup Flink, but this is a cannonball jump off the high board.

Go deeper: The ravenous economy around delivering your dinner

Go deeper

Dan Primack, author of Pro Rata
Nov 10, 2021 - Economy & Business

Rivian completes largest IPO since Alibaba

Illustration: Shoshana Gordon/Axios

Rivian, an Irvine, Calif.-based electric truck maker, raised $11.9 billion in its IPO and began trading Wednesday on the Nasdaq.

Why it matters: This is the largest IPO since Alibaba in 2014, bumping Uber down a notch.

Updated 26 mins ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.

Updated 48 mins ago - Health

COVID-19 Omicron variant cases identified in Europe, U.K.

People wearing masks walk in London on Nov. 25. Photo: Li Ying/Xinhua via Getty Images

Health officials in the United Kingdom, Italy and Germany announced on Saturday that they've detected the first known cases of the new COVID-19 Omicron variant.

Why it matters: The discoveries come as the world scrambles to respond to concerns over the new variant, discovered in South Africa earlier this week.