Micromobility provider Tier has acquired the bike-sharing service Nextbike. Through the acquisition, Tier and Nextbike will offer their service in more than 400 cities worldwide with over 250,000 vehicles.
According to Tier, it is taking over the shares from the previous majority shareholder Co-Investor Partners and all other shareholders in the course of an all-cash transaction. The amount of the purchase price and other financial details of the transaction are not being disclosed.
Financing the takeover should not have been a problem: At the end of October, Tier Mobility raised 200 million US dollars (171 million euros) from existing and new investors as part of its Series D financing round. It was already announced at the time that part of the sum would be earmarked “for acquisitions and strategic investments”.
In the announcement of the Nextbike takeover, Tier now writes that it is expanding its portfolio nationwide with rental bikes and becoming “the leading micro-mobility provider”. Nextbike, in turn, will benefit from the innovative strength and financial power of the new owner.
Combining bicycles, e-bikes, cargo bikes, e-pedal scooters and e-mopeds into free-floating, hybrid and station-based sharing systems Tier says it is creating the industry’s first truly multi-modal platform.
“The acquisition of nextbike – with its unrivalled experience and relationships across hundreds of cities – is a unique opportunity to take bike-share to the next level, getting more people out of cars and offering the most sustainable mobility solution,” said Lawrence Leuschner, CEO and co-founder of Tier.
Nextbike CEO Leonhard von Harrach added: “We decided to partner with TIER because there is a significant common ground in the corporate culture. Above all, however, we are united in our mission to make cities more liveable with our mobility services and to do something about traffic congestion, pollution and noise.”
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