Lyft to Acquire Citi Bike Operator Motivate

Lyft to Acquire Citi Bike Operator Motivate
Lyft logo (L).(Isaac Brekken/Getty Images for Lyft) Citi Bike. STAN HONDA/AFP/Getty Images
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Lyft Inc said on Monday it would buy bike-share operator Motivate as the ride-hailing company tries to fend off competition arising from rival Uber Technologies Inc’s purchase of electric cycle-sharing startup JUMP Bikes in April.
Lyft declined to comment on the deal value, but according to media reports, the company would pay around $250 million for the parent of Ford GoBike and Citi Bike.