EconomyFinancialLyft Announces Agreement to Acquire PBSC Urban Solutions

Lyft Announces Agreement to Acquire PBSC Urban Solutions

Lyft announced that it has entered into an agreement to acquire PBSC Urban Solutions, a leading provider of bike-sharing equipment and technology, a transaction expected to close in the second quarter of this year.

Since 2008, PBSC has deployed 7,500 stations and 95,000 bikes in 45 markets and 15 countries.

With the acquisition, it nearly doubles Lyft’s micromobility scale, leveraging PBSC’s sales expertise and customer relationships.

“Our agreement will help deliver world-class products and experiences to riders in the world’s largest cities for the next decade,” said Lyft director of transit, bikes and scooters David Foster.

Luc Sabbatini, president and CEO of PBSC, explained that the union of the firms will help work to improve people’s lives with the best transportation in the world and promote the redesign of cities.

“There is a clear alignment of values, complementarity of skills and products, and a unique global footprint,” he noted.

The alliance will work to continue efforts to reduce carbon pollution through sustainable modes of transport.

According to Lyft, last year, PBSC-supplied vehicles were responsible for a significant reduction in global CO2 emissions by helping shift many short, intra-city trips to two wheels.

Micromobility, essential
With the acquisition, the bet is to expand access to mobility options that benefit passengers as well as cities.

Lyft believes that shared micromobility is essential to improve people’s lives with the best global transportation, offering passengers a greater range of modes to satisfy for their transfers, whether they travel one or 100 miles.

With this acquisition, Lyft is better positioned to meet the growing demand for shared bikes by leveraging decades of combined experience in high-quality hardware and system design.

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