News Summary

Lyft, the second-largest ride-hailing company in the U.S., has completed its $197 million acquisition of Freenow, a European app-based taxi company. This acquisition marks Lyft’s expansion outside of North America for the first time. The deal, initially announced in April, received the necessary regulatory clearance to finalize. Freenow will continue to operate as usual, but users will soon be able to use either the Lyft or Freenow app interchangeably in Europe and North America. The acquisition is expected to bring more consistent pricing, faster matching, and new features for riders. The move also aligns with Lyft’s plans to incorporate more autonomous vehicles into its network starting from 2025.