Lyft acquires TBR Global Chauffeuring for $110M in cash plus costs

In a blog post, Lyft (LYFT) stated: “At Lyft, our purpose is to serve and connect – whether it’s a daily commute, a night out with friends, or high-touch business and luxury travel. That purpose drives us to keep raising the bar on choice, quality, and reliability across our platform. Today, Lyft is taking another step forward with the acquisition of TBR Global Chauffeuring, one of the world’s most respected names in luxury chauffeuring, for GBP 83 million, or approximately $110 million, in cash plus additional contingent costs. Operating across six continents, 120 countries and over 3,000 cities, TBR has established itself as a leader in the global luxury chauffeur services industry, valued at over $54 billion. For decades, TBR has set the standard for premium ground transportation, delivering precision, discretion and white-glove service for Fortune 500 companies, investment banks, and major global events. This acquisition creates a powerful combination of Lyft’s technology platform with TBR’s service excellence. Through a network of independent fleet partners with professional chauffeurs and deep expertise in corporate, executive, and event transportation, we’re immediately strengthening our position in the high-value premium chauffeur space. Just as important, what makes TBR special will not change… The acquisition will not impact Lyft’s Q3 financial results.”