Dubai-based shared mobility services provider Swvl agreed to acquire Turkish company Volt Lines as it seeks to expand its operations in Europe.
Founded in 2018, Volt provides mass transit solutions to corporate clients working in more than 110 companies through a network of “smartly routed” shared buses, a statement from Swvl on Tuesday said.
It has a strong presence in Turkish cities, including Istanbul and Ankara, the capital.
The financial details of the deal were not disclosed.
“With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client base and continuing to deliver on our growth objectives,” Mostafa Kandil, Swvl founder and chief executive, said.
Swvl — a Cairo-born, Dubai-based company valued at $1.5 billion — began trading on Nasdaq in the US last month after a merger with special-purpose acquisition company (Spac) Queen’s Gambit Growth Capital, a blank-cheque company led by women.
Swvl is the second Arab technology company to be listed on Nasdaq after music streaming platform Anghami, which was also floated through a Spac in February.
Swvl, which was founded in 2017, allows commuters to reserve seats on private buses operating on fixed routes and pay fares using its mobile app. It has intercity and intra-city buses and offers transport services to business and governments across more than 100 cities in more than 20 countries.
“Volt Lines brings an extensive list of multinational customers that we are excited to continue to grow relationships with,” Youssef Salem, Swvl’s chief financial officer, said.
Swvl entered the European market in August last year after it acquired a controlling stake in Shotl, an Uber-like service in Barcelona for bus and van operators that caters to municipalities, corporations and educational institutions.
It also bought Argentina’s Viapool in November and European tech-enabled mass transit solutions provider door2door last month, with the transaction expected to close in the second quarter of this year.
The Volt Lines deal is also expected to be completed in the second quarter and is subjected to customary closing conditions, Swvl said.
“When we launched Volt Lines four years ago, we set out to deliver a revolutionary transit experience to make commuting more reliable and affordable in Istanbul,” Ali Halabi, Volt Lines’ founder and chief executive, said.
“With Swvl’s global footprint, leading technology platform and proven ability to scale, we believe they are the ideal partner for Volt Lines to accelerate expansion of our platform.”
UAE currency: the story behind the money in your pockets
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
LEADERBOARD
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UAE currency: the story behind the money in your pockets
BMW M5 specs
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Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Price: From Dh650,000
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Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
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Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
ARSENAL IN 1977
Feb 05 Arsenal 0-0 Sunderland
Feb 12 Manchester City 1-0 Arsenal
Feb 15 Middlesbrough 3-0 Arsenal
Feb 19 Arsenal 2-3 West Ham
Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
Mar 01 Everton 2-1 Arsenal
Mar 05 Arsenal 1-4 ipswich
March 08 Arsenal 1-2 West Brom
Mar 12 QPR 2-1 Arsenal
Mar 23 Stoke 1-1 Arsenal
Apr 02 Arsenal 3-0 Leicester
