China’s Meituan snaps up Dingdong to deepen push into fresh grocery retail

China’s food delivery giant Meituan said on Thursday that it had agreed to acquire Dingdong, a leading on-demand commerce platform in China specialising in fresh groceries. Meituan said it would purchase all issued shares of Dingdong Fresh Holding, wholly owned by New York-listed Dingdong (Cayman) Limited, for an initial consideration of US$717 million, subject to adjustment, according to a filing with the Hong Kong stock exchange. The deal is subject to conditions including antitrust clearance...