Bird Acquires Spin, Now North America's Largest Micromobility Operator By Market Share; The Purchase Price Was $19 Million, Including $10M In Upfront Cash, $6M In A Vendor Take Back And $3M As A Hold Back
Portfolio Pulse from Benzinga Newsdesk
Bird Global, Inc. (NYSE:BRDS) has acquired shared electric bike and scooter operator Skinny Labs, Inc, (doing business as Spin) from Berlin-based TIER Mobility for $19 million. The acquisition makes Bird the largest micromobility operator in North America by market share. Spin delivered approximately $45 million in net revenue for the 12 months ended June 30, 2023, bringing the combined net revenue for Bird and Spin to approximately $265 million for that period. The transaction is expected to have upwards of $20 million in synergies and be immediately accretive to earnings for Bird.
September 19, 2023 | 6:44 pm
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Bird's acquisition of Spin is expected to boost its earnings and increase its market share in the micromobility sector. The deal is also expected to bring $20 million in synergies.
The acquisition of Spin by Bird is a significant move that will increase Bird's market share in the micromobility sector. The deal is also expected to be immediately accretive to Bird's earnings and bring in synergies of $20 million, which will likely have a positive impact on Bird's stock price in the short term.
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