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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, July 23, 2019. REUTERS/Wolfgang Rattay/File Photo

BERLIN, Nov 15 (Reuters) – 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.

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, U.S. urban mobility firm Lime raised $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. read more

The companies said combining Nextbike’s infrastructure and TIER’s financial power, bolstered by a recent financing round of $200 million that brought TIER’s valuation to $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.

Reporting by Zuzanna Szymanska; Editing by Steve Orlofsky

Our Standards: The Thomson Reuters Trust Principles.

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