Apple Inc – Lyft: Possible Synergies As Both Race to Autonomous Driving


Apple Inc- Lyft Possible Synergies As Both Race to Autonomous Driving

“We’re focused on being an independent business and having the largest impact on auto ownership as we possibly can”, he stressed.

In technology stocks news, Apple ( AAPL ) was up 0.01% after the NY Post says the company was recently in talks to take a stake in Lyft as part of a “strategic partnership” that could pose a fresh domestic threat to Uber. Zimmer also declined to tell Business Insider which companies did in fact approach Lyft with a purchasing opportunity, with the publication saying that Lyft “isn’t quite ready to be transparent” due to apparent confidentiality agreements set in place at the company.

General Motors, which invested $500 million in Lyft in January, reportedly has plans to make self-driving cars for the ride-hailing industry.

Earlier this summer, The Wall Street Journal first reported that Lyft had hired Qatalyst Partners, a Silicon Valley firm known for leading big MA deals like the LinkedIn-Microsoft acquisition. As of January 2016, Lyft has a value of $5.5 billion with a cash pile of $1.4 billion.

Lyft’s Zimmer claims that the company has a fiduciary duty to evaluate all offers made to the company.

That’s happened multiple times throughout our business. Zimmer did add that over the company’s life it has been approached by other companies looking to acquire the company. We need to let people know that we’re not looking for a buyer, so that’s not a legitimate part of the story.

Though an Uber acquisition isn’t likely, that comment ruffled feathers over at Lyft. A published report on Friday said that Uber wouldn’t pay more than $2 billion for Lyft, a comment that left Zimmer seething.

Apple was recently in talks to take a stake in Lyft, the No. 2 ride-hailing app in the U.S., as part of a “strategic partnership” that could pose a fresh domestic threat to Uber, sources told The Post. But clearly nothing discussed between Lyft and the other companies resulted in a deal. “I don’t think [independence] is a requirement, but I believe right now it’s the best path”.

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