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DoorDash to acquire food delivery rival Caviar

DoorDash order pick-up sign at a restaurant. Photo: Smith Collection/Gado/Getty Images

DoorDash has agreed to acquire food delivery rival Caviar from Square for $410 million in cash and stock, the companies announced on Thursday.

Why it matters: It was only a matter of time before consolidation hit this ultra competitive industry. Plus, Square has been looking to sell Caviar at least as far back as 2015, a year after it purchased it.