Swvl Acquires ViaPool in Follow-Up to Queen’s Gambit SPAC Tie-Up
Swvl Inc., a Dubai-based ride sharing startup, is buying a controlling stake in Latin American mass transit company ViaPool, according to a statement provided to Bloomberg News.
The deal will bring Swvl into Argentina and Chile for the first time.
While terms of the deal weren’t disclosed, the transaction values ViaPool at about $10 million, according to a person familiar with the matter who asked not to be identified because it was private.
ViaPool’s acquisition by Swvl is its second since it announced plans in July to go public through a merger with the all-female led blank-check company Queen’s Gambit Growth Capital. The company has said that deal is expected to close this quarter.
In August, Swvl purchased Shotl, a Europe-based on-demand ride service that uses shuttles and also operates in Brazil.
Commutes with ViaPool, through the use of minivans and buses, are a hybrid between private ride-share and public transportation services. It appeals to customers looking for safer commuting options. The company has more than 80 corporate clients, including Unilever Plc, Bayer AG and Stellantis NV.
While Swvl’s deal to merge with the special purpose acquisition company, or SPAC, hasn’t yet closed, it’s still on the hunt for more deals.Read more