Amsterdam-based Exor has agreed to acquire a minority stake in Via Transportation, a US-based ride-share company, for an investment of USD 200.00 million.
The holding firm of Italy’s Agnelli family is taking an 8.9 per cent interest in the business in a deal that values the entire group at USD 2.25 billion.
Completion remains subject to antitrust approval and is expected to occur in the second quarter of 2020.
Via is billed as a fast-growing technology company that specialises in dynamic, data-driven optimisation of public mobility systems around the world.
Its successful on-demand transit model provides environmentally-friendly, accessible and flexible transport services.
Under the terms of the agreement, Noam Ohana, who leads Exor Seeds – the early stage investment arm of Exor – will join the board of Via and become a director in the company.
Founded in 2012 by Daniel Ramot and Oren Shoval, the target first launched its technology platform by providing an on-demand, shared-ride transit service in New York in 2013.
John Elkann, chairman of Exor, said: “Our investment in Via underlines EXOR’s continuing commitment to building great companies for a better tomorrow.”
Oren Shoval and Daniel Ramot noted: “During this emergency period, we are proud to apply our technology and operational expertise to assist cities with optimising transit networks, transporting essential workers, and delivering goods and services to individuals in need.”
The announcement comes amid the coronavirus pandemic which has had serious global economic and market impacts as many countries are on lockdown to manage the spread.
Italian citizens have on lockdown for three weeks because of the outbreak, which has resulted in over 11,500 fatalities in Italy, which is around a third of all global deaths linked to Covid-19.
Via has had over 70.00 million rides since being established with its service available in more than 70 cities in 20 countries.
The company works with 100 partners in municipalities, public transit agencies and operators, major corporations, schools and universities.
© Zephus Ltd