Food delivery service DoorDash buys competitor Caviar in deal worth $410 million

SAN FRANCISCO, Calif. (KGO) -- Food delivery company DoorDash is buying its competitor Caviar in a deal that's worth hundreds of millions of dollars.

Payments company Square has owned Caviar since 2014. San Francisco-based DoorDash will pay Square $410 million in cash and preferred DoorDash stock for Caviar. The deal is expected to close later this year.

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The chief executive of DoorDash says Caviar's selection of higher-end restaurants complements DoorDash's offerings, which skew more toward chain restaurants.