Electric Scooter Startup Bird to go Public in $2.3 billion Blank-check Deal
Bird Rides announced on Wednesday that it would merge with blank-check firm Switchback II Corporation to go public in a deal valuing the electric scooter rental company at $2.3 billion.
The scooter startup said the deal would be backed by a $160 million private investment from Fidelity Management & Research Co and other investors, as well as $428 million in cash.
The California-based firm also revealed that Apollo Investment Corp and MidCap Financial Trust had provided it with a $40 million asset financing.
Bird, which was founded in 2017, has over 200 cities where its shared scooters are accessible. After the deal closes in the third quarter, it will be renamed Bird Global and listed on the New York Stock Exchange, according to the group.
In January of this year, Switchback II Corp went public with a $275 million initial public offering. SPACs are public corporations that purchase a private company and bring it public with the proceeds of an IPO.
The electric scooter market is heating up, with Bird — along with its competitors, Lime and Spin — allowing users to download an app to unlock the scooters and ride them for a minimal fee.
Travis Vander Zanden, Bird's CEO, previously worked for Lyft and Uber.
The scooter startup said the deal would be backed by a $160 million private investment from Fidelity Management & Research Co and other investors, as well as $428 million in cash.
The California-based firm also revealed that Apollo Investment Corp and MidCap Financial Trust had provided it with a $40 million asset financing.
Bird, which was founded in 2017, has over 200 cities where its shared scooters are accessible. After the deal closes in the third quarter, it will be renamed Bird Global and listed on the New York Stock Exchange, according to the group.
In January of this year, Switchback II Corp went public with a $275 million initial public offering. SPACs are public corporations that purchase a private company and bring it public with the proceeds of an IPO.
The electric scooter market is heating up, with Bird — along with its competitors, Lime and Spin — allowing users to download an app to unlock the scooters and ride them for a minimal fee.
Travis Vander Zanden, Bird's CEO, previously worked for Lyft and Uber.
