Spain’s Cabify ‘categorically denies’ that it is in negotiations for a total or partial sale to Lyft – TechCrunch

Spain’s Cabify ‘categorically denies’ that it is in negotiations for a total or partial sale to Lyft – TechCrunch

Transportation-on-demand from customers service Lyft, now valued at more than $fifteen million soon after elevating a further $600 million in June, is on the hunt to scale its organization. One particular move it could possibly not be producing shortly, however, is to broaden operations into Spain and Latin The usa by way of an acquisition of a single of the top players in the region. Cabify claims it “categorically denies” that it is in conversations with Lyft for a total or partial acquisition: the two were reported by Spanish newspaper El Confidencial (and subsequently reblogged by other folks) to be in negotiations, with Lyft getting ready to pay up to $three billion for the business, although the two could possibly associate in long term to provide companies to each individual other’s clients in their respective footprints.

“We categorically deny the rumors about alleged conversations in relation to the sale of the business,” the business said in a written statement (in Spanish originally… see Spanish statement at the base of this put up. “[Cabify] has not been assembly with supervisors of this or other companies to negotiate a doable partial or total sale of Cabify. The business is in an unbeatable state of economic health and sustainable progress, and continues to build alone in a top posture in the markets in which it operates.

“As we have previously said, the business stays fully commited to a approach for an IPO in Spain, most likely in the next 12 to 24 months.” The business was final valued at $1.4 billion soon after a fundraise of $one hundred sixty million before this year.

Cabify’s spokesperson would not rule out, however, that the two companies have been assembly, and that this could be similar to a ridesharing partnership whereby clients of Lyft, for illustration, could use the Cabify app when travelling in the 38 towns in Latin The usa, Spain and Portugal where it operates.

“We have very little to state about that both,” she said. “If we have information in the long term, I will for positive allow you know.”

A blend among the two makes some perception, but could possibly also be complex, in equivalent evaluate.

On the a single hand, the two companies share an investor, the Japanese e-commerce huge Rakuten and they also share a prevalent competitor, the ridesharing behemoth Uber, and tying up their companies, so that their loyal clients do not revert to utilizing Uber when travelling, makes a great deal of perception, due to the fact once they start off they could possibly only soar to Uber when back property, much too.

(We have also attained out to Rakuten and will be getting in touch with Lyft when the West Coast wakes up to see if it would like to answer to the report much too.)

On the other hand, a single of Lyft’s traders, Didi, has acquired a single of Cabify’s other massive rivals in Latin The usa, ninety nine, and so it makes considerably less perception that Lyft would go after a partnership that could improve organization for a competitor of a single of its most significant backers.

Then once again, the recent transportation market — bent as it is on last but not least turning into profitable soon after sustain decades of losses to grow — is consolidating quickly, and many of the fiercest rivals have out of the blue began combining as a end result. So anything can happen.

Lyft has lifted far more than 10 occasions the quantity of money that Cabify has, $4.9 billion compared to close to $407 million, and has nonetheless to broaden outside of its property market of the US. The business designed some waves a few of decades back when it introduced a ridesharing partnership with Southeast Asia’s Seize, China’s Didi, and India’s Ola, very little has seriously arrive of that offer to date, and now Seize is inching closer to an Uber acquisition.

But Lyft evidently has its sights on enlargement, a single way or a further. Just yesterday, my colleague Kristen reported that Lyft (together with Uber) was in acquisition talks with crowdsourced bus business Skedaddle.

Spanish statement: 

En relación con las noticias publicadas sobre la posible venta de Cabify queremos afirmar lo siguiente:

• Desde Cabify desmentimos de manera categórica los rumores sobre supuestas conversaciones en relación a la venta de la compañía.

• No se han estado manteniendo encuentros con los directivos de esta ni de otras compañías para negociar una posible venta parcial o full de Cabify. La compañía se encuentra en un inmejorable estado de salud financiero y de crecimiento sostenible, y continúa estableciéndose en una posición de liderazgo en los mercados en los que tiene presencia.

• Como ya anticipamos, la compañía sigue comprometida con la hoja de ruta natural marcada, con la salida a bolsa en España en los próximos 12 o 24 meses como objetivo.

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