Dubai-based transportation startup Swvl acquires Turkey’s Volt Lines
Swvl has recently bought other firms in Europe and Latin America and has received funds to help advance the transportation safety of women in Egypt.
The transportation startup Swvl announced Monday it acquired a Turkish transportation company.
Swvl, which was founded in Cairo and is based in Dubai, has reached an agreement to acquire Volt Lines for an unspecified amount. Swvl plans to complete the transaction in the second quarter of 2022, the company said in a press release.
“With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client base and continuing to deliver on our growth objectives,” said Swvl CEO Mostafa Kandil.
The deal values Volt Lines at more than $40 million, Bloomberg reported Monday.
