Mobike sold for $2.7 billion

Bike share giant Mobike has been sold to Meituan Dianping, a Chinese business valued at $30 billion.

Said to be worth $2.7 billion, the buyout of the dockless bike hire giant gives the firm a leg up against key rival ofo, which itself has recently been the beneficiary of outside money. The pair have previously denied rumours of a merger themselves.

In the UK, Mobike has got off to a solid start, popping up in key cities like Manchester, Newcastle and London, as well as inking a deal with British Cycling to drive cycling uptake through bike sharing.

Meituan Dianping is noted for its food delivery by electric bike, something which will give the business further incentive to delve into the delivery by bike trade. Furthermore, the business has deep interest in the transportation segment, with investments in a rival of Uber, as well as the launch of ride hailing services.

The business was formed in a multi-billion dollar merger of two of China’s largest group buying services in 2015, reports TechCrunch.