Lyft to Expand into Europe with $200 Million Acquisition of FreeNow

Lyft is set to enter the European mobility market with the $175 million purchase of FreeNow, a major ride-hailing platform currently owned by BMW and Mercedes-Benz. The acquisition strengthens Lyft’s position globally and marks a strategic move beyond its North American base.

FreeNow operates in major cities including London, Paris, Milan, Dublin, and Frankfurt, offering services like traditional taxi rides, car-sharing, and e-scooter rentals. The deal significantly increases Lyft’s market reach and brings it into more direct competition with Uber in Europe.

FreeNow currently serves over 150 cities across nine countries in Europe. As of September 2024, the company reported it had reached break-even, supported by a 13% increase in annual revenue and a strategic focus on its core taxi services.