Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree - Bloomberg
Swvl Holdings Corp., a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
The transaction is expected to close this quarter, according to a statement provided to Bloomberg News. Financial terms of the agreement weren’t disclosed.
The deal furthers what Swvl Chief Financial Officer Youssef Salem has said is a plan “to rapidly pursue strategic initiatives to further enhance shareholder value.”
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