Swvl terminated its acquisition of Zeelo

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Swvl announced its acquisition of UK-based smart bus SaaS platform, Zeelo, in an estimated deal of $100M, weeks after its debut on the NASDAQ via a SPAC merger. Swvl’s third acquisition of the year, but Zeelo recently revealed that the acquisition was dropped mutually due to the market downturn and slump in tech stocks.

All pre-completion obligations were met, according to Zeelo, but due to financial market volatility, the startups mutually agreed to terminate the planned transaction. SWVL operates in 13 countries around the world, including the UAE, Egypt, Kenya, Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, Jordan, and Pakistan. The startup also recently announced plans to expand into Mexico with the acquisition of Urbvan, a daily commute transportation system.

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Swvl terminated its acquisition of Zeelo

Swvl announced its acquisition of UK-based smart bus SaaS platform, Zeelo, in an estimated deal of $100M, weeks after its debut on the NASDAQ via a SPAC merger. Swvl’s third acquisition of the year, but Zeelo recently revealed that the acquisition was dropped mutually due to the market downturn and slump in tech stocks.

All pre-completion obligations were met, according to Zeelo, but due to financial market volatility, the startups mutually agreed to terminate the planned transaction. SWVL operates in 13 countries around the world, including the UAE, Egypt, Kenya, Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, Jordan, and Pakistan. The startup also recently announced plans to expand into Mexico with the acquisition of Urbvan, a daily commute transportation system.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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