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Report: GM Rebuffed in Bid to Buy Lyft Ride-Hailing Service
Lyft Inc. has turned down an overture from General Motors Co. to buy the ride-hailing service, sources tell The Information.
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Lyft Inc. has turned down an overture from General Motors Co. to buy the ride-hailing service, sources tell The Information. The online technology blog says Lyft opted instead to launch a new funding round.
GM spent $500 million in January to acquire a 9% stake in Lyft, then valued at $5.5 billion. The carmaker also added President Dan Ammann to the Lyft board. The two companies have since launched Express Drive, a short-term car rental program for Lyft drivers in Baltimore, Boston, Chicago and Washington, D.C.
In January GM also acquired Sidecar Technologies Inc., a ride-hailing startup in San Francisco that had suspended operations in December. Lyft is dwarfed by Uber Technologies Inc. in market value ($68 billion) and markets (500 cities in 75 countries).
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