US taxi app Lyft completes acquisition of Freenow for around €175m
In April,
Lyft announced it had entered a definitive agreement, for around €175 million
, to acquire Freenow from its current owners, German carmakers BMW and Mercedes-Benz.
In a statement yesterday, Lyft announced that the acquisition has been completed.
Lyft is a North American ride hailing app, that offers rideshare, bikes and scooters – it's second only to Uber in the US market for allowing users book trips with its drivers.
Lyft had 23.7 million active riders in 2024.
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In a statement, Lyft said the move will see the two companies 'join forces to seize the incredible opportunity of doubling Lyft's current addressable market to more than 300 billion personal vehicle trips per year'.
Lyft CEO David Risher said the move will 'bring out the best of each company to the other' while Freenow CEO Thomas Zimmerman said that for European users of the app, the service will be 'amplified'.
'With Lyft's platform and resources behind us, we can innovate faster and serve drivers, passengers, and city partners even better,' Zimmerman added.
For users of the Freenow app, they will be prompted to download Lyft whenever they use Freenow in the US and Canada.
Lyft also said that in the coming months, European users
will 'experience more consistent pricing and faster matchings'.
Meanwhile, Freenow drivers are told to expect more rides as Lyft users will be prompted to download Freenow whenever they are in Europe.
Lyft also noted that around 50% of taxi bookings in Europe take place offline and that it is 'committed to strengthen Freenow's leadership in the taxi industry, backed by decades of trusted partnerships with regulators, cities, unions, and fleet operators'.
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