Swvl Holdings Corp SWVL shares are surging Thursday after the company announced it entered into a definitive agreement to acquire smart bus platform Zeelo.
Swvl said the acquisition will provide the company enhanced scale, strengthen its capabilities and create substantial value for shareholders. The transaction is expected to be completed in May 2022.
"The acquisition of Zeelo offers Swvl a superb entry point into the US and South Africa, extends our position in the UK, and provides a complementary suite of new mobility products," said Youssef Salem, CFO of Swvl.
Swvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation across 20 countries. The company went public via SPAC Queen’s Gambit Growth Capital at the end of March.
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SWVL Price Action: Swvl shares have traded between $4.17 and $10.75 over the last month.
According to data from Benzinga Pro, the stock was up 36.9% at $9.17 at press time.
Photo: courtesy of Swvl.
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