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August 21, 2016

Ride Hailing Firm Lyft Courted Apple in Attempted Sale

by John_A

Ride hailing company Lyft recently approached several companies including Apple in an attempt to sell itself, according to a report by The New York Times.

The second-largest ride hailing firm in the U.S. held talks with or contacted Apple, Amazon, General Motors, Uber, Google, and Didi Chuxing over a potential sale, but was unable to find a buyer, said the newspaper’s sources.

G.M., one of the San Francisco-based company’s largest investors with a $500 million stake in Lyft, was reportedly the most interested suitor, but ultimately failed to make a written offer. The good news for Lyft is that it has a cash cushion of $1.4 billion and is not in danger of closing down, said the sources, despite the company not yet being profitable.

Earlier this month, Uber agreed to sell its Chinese arm to Didi Chuxing, which Apple recently invested $1 billion in.

The sale put a spanner in the works of Lyft’s partnership with Didi, which allowed Didi customers to use their app to hail Lyft drivers, and vice versa. Lyft’s so-called anti-Uber alliance with Didi is now in doubt and the U.S. based firm has said it is re-evaluating the agreement.

Tag: Lyft
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