Big news for the business of bikeshare: Alta Bicycle Share will be sold and the Citi Bike fleet will be doubled, according to report.
"REQX Ventures, a company run by people affiliated with Related Companies—developer of the Time Warner Center and Hudson Yards—and its subsidiary Equinox, will own all of Alta Bicycle Share," reports Dana Rubinstein. The sale also means the CitiBike fleet will double in size, from 6,000 to 12,000.
"REQX will now be in control of bikesharing systems in, among other places, Boston, Chattanooga, Washington, D.C., Toronto, and Melbourne, Australia." The potential deal was first reported in July, and Rubinstein's sources report that the final deal is similar to the terms described in the original report.
Read the full story: Sources: CitiBike deal closes
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