The Wall Street Journal

Lyft picks up bike-rental company Motivate International for $250 million

Bloomberg News
With the deal, Lyft will gain about 30,000 bikes in eight U.S. cities from San Francisco to New York.

Ride-hailing firm Lyft Inc. said it agreed to purchase an urban bike-rental company recognizable by its curbside docking stations and sponsors like Ford Motor Co.   and Citigroup Inc.  .

The deal for Motivate International Inc. gives Lyft access to thousands of bicycles for short-term rental and a potential leg-up on bigger rival Uber Technologies Inc., which recently bought smaller dockless bike-rental company Jump.

Lyft is spending about $250 million in cash for the New York City company, according to people familiar with the matter, which compares with $200 million for Uber’s deal.

The two rivals are clamoring to give riders options for short trips within cities as scooters and bikes have become a popular option. Venture-capital firms have poured hundreds of millions into upstart electric scooter rental firms like Bird Rides Inc. 

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