Synopsis
Lyft is expanding its global reach by acquiring the UK business of London black cab app Gett. This move significantly boosts Lyft's driver base in the UK market, following recent acquisitions like Freenow and TBR Global Chauffeuring. The transaction is expected to close soon, with Gett's UK team joining Freenow.Listen to this article in summarized format
The deal for Gett’s UK business would increase Lyft’s driver base in Europe’s largest ride-hailing market, as Gett’s platform connects riders to three-quarters of registered black-cab drivers across Greater London, Lyft said in a statement on Thursday.
The transaction is expected to close in the coming weeks, Lyft said. Financial terms with Gett’s parent, Tel Aviv-based GT Get Taxi Systems Ltd., were not disclosed. A Lyft spokesperson said the acquisition “does not represent a material change to our overall financial position.” The purchase won’t affect first-quarter results, which Lyft will report on May 7, and it will have an “immaterial” impact in the second quarter.
San Francisco-based Lyft turned cash-flow-positive in 2024 more than a decade after its founding, and has lately been on a buying spree to help catch up with much-larger rival Uber Technologies Inc. in major European markets. Last July, Lyft completed its purchase of the European taxi app Freenow for about €175 million ($200 million), helping it push into nine new countries. In October, it paid around $110 million for TBR Global Chauffeuring, a Glasgow-based company that specializes in luxury rides.
London will be of particular focus for Lyft and Uber this year: The rivals are set to begin pilots of autonomous vehicles with carmakers and other partners that develop driverless technology. Lyft also operates London’s bike-share program, Santander Cycles.
Lyft will initially operate Gett as a standalone app in the UK but plans to integrate it into the Lyft ecosystem “over time,” the spokesperson said. Once the deal closes, Gett’s UK team will transfer to Freenow.
In 2024, Gett’s UK business reported £60.6 million ($81.9 million) in revenue, largely thanks to its ground travel services for enterprise users, which contributed more than 80% of sales, according to a UK Companies House filing. The unit posted a full-year loss of £297,222, but said that UK operations had positive earnings before interest, taxes, depreciation and amortization.
Gett’s parent, which also operates taxi services in Israel, similarly came under new ownership last August, after a group of Israeli institutional investors, including Klirmark Capital, Leumi Partners and Meitav Provident Funds and Pension, acquired it for $188 million. The company has since been in talks to sell its UK operations, Israeli newspaper Calcalist reported in January.
