Lyft completes FREENOW acquisition to expand European operations

Lyft Inc. (NASDAQ: LYFT) announced it has completed its acquisition of FREENOW, a European mobility app, according to a company statement. The transaction creates what the company describes as one of the top global multi-mobility applications.

The combined entity now operates rideshare and taxi services in 11 countries and nearly 1,000 cities. FREENOW provides services across 180 cities in nine European countries including Ireland, the United Kingdom, Germany, Greece, Spain, Italy, Poland, France, and Austria.

Since the start of 2024, the Lyft app has been opened 4.6 million times within FREENOW's markets, while the FREENOW app has been opened 1.2 million times within Lyft's markets, according to the statement.

FREENOW CEO Thomas Zimmermann and his leadership team will report to Jeremy Bird, Lyft's Executive Vice President of Driver Experience. The FREENOW country general managers will continue leading operations in their respective markets.

"We're not changing what makes FREENOW special - our deep local relationships throughout Europe - but we are amplifying it," said Zimmermann.

The companies plan to offer cross-platform functionality, with the FREENOW app prompting users to download Lyft when opened in the US and Canada, while the Lyft app will prompt users to download FREENOW when opened in FREENOW's European markets.

Eligible riders will receive promotional offers of up to 50% off their first ride when using the other company's network through the end of 2025. Chase cardmembers will earn additional points on qualifying rides in Europe when using eligible Chase credit cards.

Lyft stated the acquisition will not impact its Q2 financial results. The company operates bikeshare services through Lyft Urban Solutions in 16 countries and over 86 cities.

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