Electric scooter acquisition: Bird has purchased Spin
The US company Bird Global has bought the e-scooter and e-bike rental company Spin for 19 million dollars. Spin previously belonged to Berlin-based micro-mobility provider Tier Mobility. The latter had taken over the sharing operator formerly belonging to Ford in 2022. Now Spin belongs to Bird Rides. According to Bird, the purchase makes it the largest micromobility operator in North America.
The purchase is not a simple one, however, and the money has been split as follows: $10 million were paid in upfront cash, $6 million went into a vendor take back and $3 million are set as a hold back.
Spin’s location in California is also likely to prove fruitful for Bird, as it will help the company strengthen its foothold across the US. Spin has operations in over 50 cities and university campuses with minimal overlap with Bird’s existing footprint
“Spin is a great financial and strategic acquisition for Bird and we expect this acquisition will enable us to achieve long term sustainable profitability. In addition to our overall market leadership in North America, the company now holds a leading market share position in key markets, more new vehicles, cutting-edge technology and a significantly stronger financial position,” said Michael Washinushi, Bird Interim CEO. “Bird and Spin have many strategic synergies, which we believe will have an immediate impact in the third quarter.”