Today, Lyft announced that it signed an agreement to acquire PBSC Urban Solutions, a global supply leader for bikeshare equipment and technology. Since 2008, PBSC has deployed 7,500 stations and 95,000 bikes to 45 markets and 15 countries. This acquisition roughly doubles Lyft’s scale in micromobility by leveraging PBSC’s deep sales experience and customer relationships. The transaction is expected to close in the 2nd quarter of 2022, subject to customary closing conditions.
“Forging a better way to serve both cities and riders with the best bike and scooter sharing systems has long been part of our vision. Our agreement to acquire PBSC will help us deliver world-class products and experiences to riders in the largest cities around the world in the coming decade,” said David Foster, Head of Transit, Bikes and Scooters at Lyft.
‘’This is a huge development and opportunity for PBSC. By joining forces with our long-time partner Lyft, our employees, existing and future clients will have access to the broadest and richest range of micromobility solutions there is bar none. Together, we will work to improve people’s lives with the world’s best transportation and push to redesign cities around people, one city at a time.’’ said Luc Sabbatini, President and CEO of PBSC. ‘’There is a clear alignment of values, complementarity of skills and products and a unique worldwide footprint. This is all very exciting and I look forward to being part of this bright future with my PBSC and Lyft colleagues’’.
Lyft and PBSC will work together to continue to reduce carbon pollution through sustainable modes of transportation. Last year, vehicles supplied by PBSC were responsible for a meaningful reduction of global CO2 emissions by helping shift many short intra-city trips to two wheels. Together, Lyft and PBSC will build on this success and strengthen their ability to offer cities transportation solutions to combat climate change.
This acquisition is the natural next step in a shared vision to expand access to mobility options that benefit both riders and cities. Shared micromobility is core to Lyft’s mission to improve people’s lives with the world’s best transportation, offering riders a diverse range of modes to meet their transportation needs, whether they’re going 1 mile or 100 miles. With this acquisition, Lyft is even better positioned to meet growing bikeshare demand by drawing on decades of combined experience in high-quality hardware and system design.
In 2018, Lyft acquired Motivate, a company that shared its history with PBSC, both with roots in the formation of the Bixi System in Montréal. Lyft has since expanded access to micromobility significantly in North America. In New York, Lyft has doubled the size of its flagship bikeshare system, Citi Bike, from 12,000 to over 24,000 bikes. Since then, riders have turned to Citi Bike in record numbers, with 28 million rides last year. As Lyft and PBSC look to the future of bikeshare, they will look to build on shared values. Riders appreciate Lyft’s and PBSC’s station-based approach: stations create predictability and order in the public right of way for pedestrians. The Lyft and PBSC teams' deep experience in station-based mobility can support cities’ efforts to reclaim public space for residents.
Forward-Looking Statements
Certain statements contained in this announcement are “forward-looking statements” about Lyft within the meaning of the securities laws, including statements about Lyft’s proposed transaction with PBSC, including the benefits of the transaction and closing date, as well as Lyft’s micromobility strategy. Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Lyft’s filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events, except as required by applicable law.