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Lyft set to acquire bikeshare equipment supplier PBSC

Published April 19, 2022

SAN FRANCISCO (BRAIN) — Lyft announced Tuesday an agreement to acquire global bikeshare equipment and technology supplier PBSC Urban Solutions. The transaction is expected to close in the second quarter of this year.

According to Lyft, the acquisition roughly doubles its scale in micromobility, benefiting from PBSC's sales experience and customer relationships.

''This is a huge development and opportunity for PBSC," said Luc Sabbatini, PBSC president and CEO. "By joining forces with our longtime partner, Lyft, our employees, and existing and future clients, will have access to the broadest and richest range of micromobility solutions there is, bar none."

In 2018, Lyft acquired Motivate, which worked with PBSC in the formation of the BIXI Montreal bikeshare system. Since then, Lyft has expanded micromobility access in North American, with its flagship New York bikeshare Citi Bike growing from 12,000 bikes to more than 24,000. Lyft said it had a record 28 million riders use Citi Bike last year.

Lyft and PBSC share the common goal of offering cities transportation alternatives to reduce carbon emissions. "Forging a better way to serve both cities and riders with the best bike and scooter-sharing systems has long been part of our vision," said David Foster, Lyft head of transit, bikes and scooters. "Our agreement to acquire PBSC will help us deliver world-class products and experiences to riders in the largest cities around the world in the coming decade."

PBSC has four bike models — ICONIC, FIT, BOOST, and E-FIT — in 45 cities worldwide. Globally, it has 95,000 bikes and 7,500 stations

Topics associated with this article: Mergers, Acquisitions & Investments

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