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Uber Values Lyft at $2 Billion or Less
Ride-hailing service Uber Technologies Inc. has told investors it wouldn’t pay more than $2 billion to buy rival Lyft Inc., according to Bloomberg News.
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Ride-hailing service Uber Technologies Inc. has told investors it wouldn’t pay more than $2 billion to buy rival Lyft Inc., according to Bloomberg News.
The two companies have had informal merger discussions, but no offers have been made. Bloomberg’s sources say Lyft, which has floated a price tag of $9 billion to other possible investors, wouldn’t consider $2 billion a credible offer. Uber has no incentive to put a high value on Lyft, and analysts say combining the two services would face likely U.S. antitrust hurdles.
In July General Motors Co. spent $500 million in January to acquire a 9% stake in Lyft, suggesting a market value of about $5.5 billion. A media report last week said Lyft had turned down an overture from GM to buy the company in favor of a new funding drive.
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