Monday, July 22, 2024

Bird Global Acquires Spin in $19 Million Electric Mobility Deal

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Bird Globa has acquired Spin, a shared electric bike and scooter operator, from Berlin-based TIER Mobility. The acquisition, valued at $19 million, with $10 million in upfront cash, cements Bird’s status as the largest micromobility operator in North America, both in terms of market share and the number of markets served.

Spin, headquartered in San Francisco, boasts a robust presence in North America, operating in over 50 cities and on various university campuses. Importantly, this footprint has minimal overlap with Bird’s existing operations, ensuring geographic expansion for the micromobility giant.

This strategic acquisition significantly bolsters Bird’s geographical reach, consolidating its position as the foremost micromobility operator in North America. Bird now plans to further extend its operations into strategically profitable cities, including Baltimore, Salt Lake City, and Washington D.C., along with expanding its presence on major university campuses like Penn State University and the University of Michigan.

With the integration of Spin, Bird’s operations now encompass 87% of the 50 most populous cities in the United States and Canada with shared micromobility programs. This expansion brings with it a fleet of over 60,000 vehicles, a substantial portion of which are state-of-the-art and newly added to the inventory.

Notably, Spin was formerly under the ownership of Ford, and its inclusion in the Bird portfolio underscores the dynamic growth and evolution of the micromobility sector.

Michael Washinushi, Bird’s Interim CEO, expressed optimism about the acquisition, stating, “Spin is a great financial and strategic acquisition for Bird, and we expect this acquisition will enable us to achieve long-term sustainable profitability.” He highlighted the immediate impact of the acquisition’s strategic synergies, particularly in the third quarter, and welcomed the Spin team into the Bird family.

Philip Reinckens, CEO of Spin, shared the sentiment, emphasizing the power of the collaboration between Bird and Spin in the North American market. He pointed to their shared commitment to responsible partnerships, providing reliable alternative transportation options to communities, and advancing sustainability.

Bird’s on-demand mobility solutions are currently available in 350 cities, primarily spanning Canada, the United States, Europe, the Middle East, and Australia. This acquisition underscores Bird’s dedication to furthering its reach and influence in the micromobility landscape, enhancing access to convenient and sustainable transportation options for communities across North America.

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