Report: Uber Offering More Than $1 Billion for European Ridesharing Service Free Now
Uber Technologies (NYSE: UBER) is aiming to expand in Europe through a splashy acquisition, it seems. An article published Wednesday by Reuters cites a report in German business publication Manager Magazin saying that the ridesharing giant is offering over 1 billion euros ($1.2 billion) for Free Now.
This is a ridesharing business jointly owned by European auto giants Daimler (OTC: DDAIF) and BMW (OTC: BAMXF). Like Uber, it centers on a smartphone-based app that connects riders and drivers; it bills itself as "Europe's favorite mobility app," available in over 100 cities on the Continent. Free Now services are available in 11 countries throughout the European Union political and economic bloc, including France and Poland.
According to the report, there is currently a difference of opinion hindering the sale. Daimler is willing to divest Free Now outright, while BMW apparently prefers to sell only a stake in the business.
Source Fool.com
