$CART · The Motley Fool · 2026-10-27
Instacart 寻求出售自身是合乎逻辑的：营收同比增速已放缓至约 11%，而 DoorDash 增速超过一倍，在这门艰难的生意中规模具有决定性作用。说话者预计 12 个月内会达成交易，但价格略低于其寻求的约 190 亿美元；鉴于 Uber 的谈判似乎已经结束，不会出现竞购战。
逐段跳播
我们还有关于与 Instacart 合并或潜在合并的消息。我们会在最后讨论这件事。
And we also have news of a merger or potential merger with Instacart. We will discuss that at the very end.
广告之后我们会回来，看看 Instacart 到底发生了什么。通常当我们听到公司合并的传闻时，往往说是收购方试图买下目标公司。但就 Instacart 而言，情况似乎恰恰相反，因为周末有报道称，是 Instacart 自己主动接触了 Uber 和 DoorDash 寻求出售，而不是反过来。
We'll come back after the break to see what exactly is happening on Instacart. Usually when we hear rumors of company mergers, it is often said that an acquiring company is trying to buy the target company.
But, in the case of Instacart, the opposite seems to be the case, as there were reports over the weekend that Instacart itself has approached Uber and DoorDash for sales , not the other way around.
Instacart 目前的股票代码是 Maple Bear，这挺奇怪的，因为他们的公司名称和业务类型完全不同。但有趣的是，今年它上涨了 53%。它上市才三年多一点。任何人都会认为他们想继续在市场上待一段时间。
那么真实情况是什么？他们为什么这么急着卖掉业务？
Instacart is currently listed as Maple Bear, which is quite strange, as their business name and business type are completely different. But the funny thing is. This year it has increased by 53 percent.
It has been publicly traded for just over 3 years. Anyone would think they want to stay in the market for a while longer. So what is the real story ? Why are they in such a hurry to sell the business ?
是的，Instacart 为什么想要这笔交易，我并不意外。他们的收入增长正在放缓。我记得大概是同比增长 11%，而 DoorDash 的增长是这个数字的两倍多。
Yes, I'm not surprised why Instacart wanted this deal. Their income growth is slowing down. I think it's like 11 percent year over year , whereas DoorDash is growing at more than double that.
Instacart 仍然有一定的掌控力。他们的估值远低于作为私营公司时的峰值。不过，股价正处于近期高点。他们的广告业务相当强劲。而且眼下，监管环境不太可能对这样的交易更有利了。所以，他们想尽快完成交易，我并不意外。
Instacart still has some control. Their valuation is far below their peak as a private company. However, the share price is at its recent high. Their advertising business is quite strong.
And right now, the regulatory environment is unlikely to be more favorable for such a deal. So, I'm not surprised that they want to complete the deal quickly.
是的，这门生意的经济状况极其艰难。规模或业务范围是这里唯一有效的因素。许多竞争对手的业务范围更大，而 DoorDash 有通过并购扩大业务范围的历史，就像他们在欧洲收购 Deliveroo 那样。
在我看来，从各方面来说这都是一个非常合乎逻辑的决定。
Yes, the economic situation of this business is extremely difficult. Scale or scope of business is the only effective factor here. Many competitors have larger business scopes, and DoorDash has a history of expanding its business scope through M&A, as they did with Deliveroo in Europe.
In my opinion, this is a very logical decision in all respects.
那么，如果说到具体数字，根据最新报道，我认为 Instacart 为这笔交易要价大约 190 亿美元。顺便说一下，如果交易在未来 12 个月内完成，Instacart 会以 190 亿美元卖出吗？
会高于还是低于 190 亿？相比 190 亿美元，我大概会认为略低一些，或者落在偏低的一侧。
So, if we come to a specific number, I think Instacart is demanding around $19 billion for this deal according to the latest reports. While I'm at it , if the deal is completed within the next 12 months, will Instacart be sold for $19 billion ?
Will it be more or less than 19 billion? Compared to $19 billion, I would probably be a little lower or on the under side.
嗯，我认为交易会达成，但我认为价格会略低于那个数。是的，我的意思是，看起来他们没有得到想要的竞价战，因为他们……看起来他们不再和 Uber 谈了。
Hmm, I think the deal will be done, but I think it will be a little less than that. Yeah, I mean, it looks like they didn't get the bidding war they wanted, because they...it looks like they're not talking to Uber anymore.