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E-scooter firm TIER buys Nextbike in bid to expand offerings

E-scooter firm TIER buys Nextbike in bid to expand offerings
E-scooters of Tier Mobility, a start-up for shared micro-mobility services, are parked in Cologne, Germany, Jul 23, 2019. (File photo: Reuters/Wolfgang Rattay)

BERLIN: Berlin-based e-scooter operator TIER Mobility has bought bike-sharing firm Nextbike to create Europe's largest provider of shared lightweight vehicles, the companies said on Monday (Nov 15).

The deal, which will bring rentable bicycles, e-bicycles, e-scooters, e-mopeds and cargo bikes into one network, could mark the first big acquisition in a likely period of consolidation in the highly fragmented industry, with smaller players getting snapped up over the next 12 months.

Earlier this year, US urban mobility firm Lime raised US$523 million from investors to scale up production and announced a stock market listing in 2022, while Estonian start-up Bolt launched e-scooter services in nine German cities.

The companies said combining Nextbike's infrastructure and TIER's financial power, bolstered by a recent financing round of US$200 million that brought TIER's valuation to US$2 billion, should allow them to operate in 400 cities with 250,000 vehicles.

"The acquisition of Nextbike - with its unrivalled experience and relationships across hundreds of cities - is a unique opportunity to take bikeshare to the next level," TIER Chief Executive Lawrence Leuschner said in a statement.

TIER and Nextbike declined to give financial details of the transaction.

Source: Reuters/ng

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