Bird Global, Inc. BRDS shares traded higher on Tuesday after the company announced its acquisition of micromobility operator Skinny Labs for $19 million.
What To Know: Bird Global acquired Skinny Labs, Inc from Berlin-based TIER Mobility for $19 million, making Bird the largest micromobility operator in North America by market share. Bird will now serve approximately 350 markets worldwide with over 200,000 vehicles.
Bird Interim CEO, Michael Washinushi, stated, “Spin is a great financial and strategic acquisition for Bird and we expect this acquisition will enable us to achieve long-term sustainable profitability. In addition to our overall market leadership in North America, the company now holds a leading market share position in key markets, more new vehicles, cutting-edge technology, and a significantly stronger financial position.”
Bird expects the acquisition of Spin to have many strategic synergies with an immediate impact in the third quarter. The company is excited to welcome the Spin team to the Bird family and continue executing on their shared vision of a more livable, sustainable future. Bird’s improved financial performance has allowed them to make acquisitions like Spin.
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BRDS Price Action: Shares of BRDS were down 5.59% at $1.35 in the after-hours session at the time of publication, according to Benzinga Pro.