Scooters may be all the rage, but Lyft just bought its very own bike-rental company

1 month ago admin2 Comments Off on Scooters may be all the rage, but Lyft just bought its very own bike-rental company
A man rides a Citibike as he passes a Citibank ATM in the Manhattan borough of New York, October 10, 2015. REUTERS/Eduardo Munoz - GF10000240189

Lyft is acquiring Motivate, an operator of urban bike-rental programs, both firms said Monday (July 2).

Published 13 mins ago  |  Photo by Reuters/Eduardo Munoz
A man rides a Citibike as he passes a Citibank ATM in the Manhattan borough of New York, October 10, 2015. REUTERS/Eduardo Munoz - GF10000240189

$250 million

Motivate is behind some of the most popular bike-share programs in the US, like Citi Bike in New York, Ford GoBike in San Francisco, and Blue Bikes in Boston.

A man rides a Citibike as he passes a Citibank ATM in the Manhattan borough of New York, October 10, 2015. REUTERS/Eduardo Munoz - GF10000240189

$250 million

No terms were released, though the Wall Street Journal reports that the price was around $250 million, which is more than the $200 million that Uber paid for Jump Bikes back in April.

A man rides a Citibike as he passes a Citibank ATM in the Manhattan borough of New York, October 10, 2015. REUTERS/Eduardo Munoz - GF10000240189

$250 million

Lyft and Uber were dueling over Motivate for a while—or at least, Uber didn’t want its rival to snag a competing bike-rental platform easily.

qz.com