Jim Cramer Asks: Why Don't Uber and Lyft Merge?
Uber is reportedly considering the purchase of Free Now, the ride-hailing joint venture from Daimler and BMW, Bloomberg reported.
An acquisition of Free Now could boost Uber’s market share in Europe and Latin America.
Uber expressed interest in acquiring Free Now after the joint venture failed to attract additional investors during the coronavirus pandemic, people familiar with the matter told Bloomberg.
There’s no certainty the talks will lead to a transaction, and other bidders could emerge, the people told Bloomberg.
And this comes after Uber won a long-running battle with transport officials in London to keep its operating license in Europe's biggest city.
Deputy chief magistrate Tan Ikram, who presided over the lengthy appeal made by Uber to a Transport For London decision to remove the group's operating license in 2017, and then again in 2019, said he was convinced that the ride-hailing group "no longer poses a risk to public safety … despite historical failings" and granted it a license for the next 18 months.
Transport for London, which is headed by Mayor Sadiq Khan, had argued that thousands of Uber journeys in the capital were made in cars driven by non-licensed drivers using fraudulent IDs to log onto the group's platform.