Deal Takes Shape to Bolster Citi Bike (Capital)

By Dana Rubinstein

A deal that would both stabilize Citi Bike and create the opportunity to expand the popular New York City bikeshare program is taking shape.

About three weeks ago, Mayor Bill de Blasio’s administration, a company called REQX Ventures and Alta Bicycle Share, the system’s troubled operator, agreed on the broad outlines of an agreement, according to two knowledgeable sources.

According to the terms of that still-tentative agreement, REQX Ventures, a company run by individuals affiliated with Equinox and Related Companies (the real estate company that owns Equinox) would buy at least 51-percent of the Portland-based company.

That would effectively give REQX control over bike-share operations not only in New York City, but also in Toronto, Chicago, Columbus, Chattanooga, Boston, the Bay Area, Washington and Melbourne, Australia.

To read the whole article, click here.

Leave a Reply