DoorDash has struck a deal to buy food-delivery rival Instacart for about $17 billion in cash and stock, adding a major grocery delivery partner to its growing roster of services. DoorDash said the deal values Instacart at $65 a share, an 11% premium.
Ares Capital Corp. is buying MidCap Financial Investment Corp., a $2.5 billion fund, from Apollo Global Management. Apollo put the underperforming fund up for auction after increased fear of defaults sparked a selloff in private-credit funds.
Private-equity firms are racing to negotiate loan extensions on much of a $300 billion wall of debt coming due starting in 2028. Software companies account for about one-third of the risky corporate loans scheduled to mature in 2028 and 2029.
Nationally, rents for industrial outdoor storage have risen 32% since 2021. But for the most in-demand markets near ports on the East Coast and in the South, rents are rising much higher, with rents up more than 110% since 2020 across the top eight markets.
Investors withdrew an estimated $30 billion from private-credit funds that are heavily marketed to individual investors in this year’s first three quarters.
Hilton announced plans to transfer the listing of its common stock from the New York Stock Exchange to Nasdaq. The ticker symbol will remain HLT.
Data-center capacity in eight major U.S. markets grew nearly 34% in the year that ended June 30. Even with that expansion, only 1.4% of capacity was vacant.
In 33 of the top 50 metro areas, luxury home prices are rising faster or falling slower than starter home prices.
A wide gap has opened up between the number of sellers and buyers in the housing market. In September, 1.5 million Americans were trying to sell their homes but only 929,000 people were buying. The surplus of sellers, nearly 600,000, is the largest in records going back to 2013.
