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Uber Agrees to Buy Electric Bicycle Rental Company Jump Bikes

  • Uber is said to have paid more than $100 million for Jump
  • Jump operates electric bike rental service in San Francisco
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Uber Agrees to Buy Electric Bicycle Rental Company

Uber Technologies Inc. is leaping into the bike-rental industry with the purchase of Jump Bikes, as Chief Executive Officer Dara Khosrowshahi seeks out new growth areas with his first acquisition.

The ride-hailing giant agreed to pay more than $100 million in cash and stock to buy the electric-bicycle provider, a person familiar with the matter said, asking not to be identified because the figure isn’t public. Technology news site TechCrunch first reported acquisition talks. Uber declined to disclose the terms of the deal, which the companies unveiled in a joint statement Monday.