Lyft Buys Company Behind Citi Bike, Joining Bike-Rental Business
A cyclist rides a Citi Bike in the East Village neighborhood of New York.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
Ride-hailing company Lyft Inc. said it’s purchasing Motivate, the operator of Citi Bike in New York City and other bike-rental programs in major U.S. cities.
Lyft didn’t disclose terms of the deal. Discussions had centered around a price tag of $250 million as recently as June.