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German E-scooter firm Tier buys Spin to enter North American market

German E-scooter firm Tier buys Spin to enter North American market

Tier Mobility AG, Europe’s top shared micro-mobility company based in Berlin, Germany, has reportedly announced its acquisition of Spin, Ford’s e-scooter and e-bike firm.

According to reports, Tier will enter the North American market through this deal, which will see Spin operate in over 70 locations with 50,000 vehicles.

Tier is a key player in the European e-scooter market, providing its services in 410 locations. Meanwhile, Spin has a modest presence in Europe, primarily in the United Kingdom, which will be incorporated by Tier.

The deal's financial parameters have not been revealed as of yet.

As per Tier, the agreement would combine the two companies' R&D efforts on e-scooter safety features, such as sidewalk riding detection technologies. It intends to increase its investment in Spin's inventory by installing replaceable batteries in all the vehicles.

According to Lawrence Leuschner, CEO of Tier, the merger will hasten the transition away from cars on both sides of the Atlantic, a transition that is desperately required to reduce carbon emissions in towns and cities around the world.

Ben Bear, the CEO of Spin, stated that Tier and Spin have the same basic approach about how to provide cities and riders with world-class micro-mobility solutions. Both organizations believe in putting customers first, working with employees rather than contractors, and assisting people in getting rid of vehicles by providing equitable, sustainable, as well as safe micro-mobility services.

The deal makes this Tier's latest acquisition in the western market. Last year, it expanded its foothold in Europe by acquiring bike-sharing company Nextbike and Wind Mobility's Italian business.

Softbank led the company’s most recent investment round, which valued the firm at $2 billion and garnered approximately $660 million from investors.

Spin was launched in 2016 and was purchased by the Ford Motor Company in 2018. Under Tier's ownership, Spin will continue operating under its own brand name in North America.

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