Lyft completes its $197 million acquisition of Europe's Freenow
Lyft has completed its $197 million acquisition of the European taxi app company Freenow. The deal allows Lyft to expand its operations outside of North America for the first time. Freenow will continue to operate as normal, but users will be prompted to download the Lyft app when traveling in the US or Canada, and vice versa for Lyft riders in Freenow's markets. The two companies aim to integrate their services, allowing users to book a taxi on either app without having to switch. None of Freenow's 600 employees are at risk of losing their jobs, and the company will remain focused on taxi bookings, which account for 90% of its income. The acquisition is expected to bring more consistent pricing, faster matching, and new features for Freenow users. Lyft, the second-largest ride-hailing company in the US, is also looking to introduce more autonomous vehicles into its network by 2025.
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