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Newly obtained from its London license, Uber Technologies (NYSE: UBER) will expand its presence in Europe by obtaining the bmw joint venture (OTC: BAMXF) and Daimler (OTC: DMLR). Y) Array according to a report published Monday through Bloomberg.
Automakers have tried to place investors in the company so they can devote themselves more fully to their core automotive business, but the coronavirus pandemic has thwarted their efforts so far. Daimler estimated the travel-sharing business at $720 million in June, Bloomberg reported.
An acquisition of Your Now would allow Uber to penetrate more deeply into Europe at a time when it is wasting minority stakes in corporations in various countries, adding the Asia Grab ride-sharing app and a similar activity from Russian generation conglomerate Yandex. % of participation in Yandex when the company was divided. SoftBank Group of Japan, which is a major investor in Uber, is also pushing it to sell its stake in Chinese company Didi Chuxing.
Many car brands have embarked on cycling to realize that this is the simple operation for cars. Ford closed his Chariot service last year and General Motors scutbed Maven this year.
BMW and Daimler merged their operations last year, bringing together five other sets into a joint venture. Your Now includes germany’s mytaxi, which has been renamed Free Now; Kapten from France; The speed of Greece and the taxi from Romania. A corporate electric scooter called Hive is also included.
According to Bloomberg sources, the acquisition would possibly not take a position, as the emerging market position can make it difficult for either party to agree on a price.