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Lyft, Inc. (NASDAQ:LYFT) shares are trading higher at the last check Wednesday after the ride-hailing company announced that it purchased a taxi app from BMW Group and Mercedes-Benz Mobility for €175 million ($197 million) in cash.
This move marks Lyft’s strategic expansion into the European market, broadening its global footprint in urban mobility.
The app, called Freenow, is a European multi-mobility platform with a taxi service offering. It serves more than 150 cities across nine European countries.
Also Read: Lyft Stock Downgraded On Autonomous Vehicle Risk From Waymo, Tesla Competition
The deal is expected to close in the second half of 2025, pending customary regulatory approvals.
This acquisition represents Lyft's most significant move beyond North America, nearly doubling its addressable market to over 300 billion personal vehicle trips annually.
The deal is expected to boost annualized Gross Bookings by around €1 billion and broaden revenue sources.
As of Dec. 31, Lyft's cash and cash equivalents stood at $759.3 million.
Investors can gain exposure to the stock via Advisor Managed Portfolios Trenchless Fund ETF (NYSE:RVER) and Amplify ETF Trust Amplify Travel Tech ETF (NYSE:AWAY).
Price Action: LYFT shares are up 2.11% at $11.12 premarket at the last check on Wednesday.
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