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Announced

Completed

Bird Rides went public via a SPAC merger with Switchback II in a $2.3bn deal.

Financials

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Transaction Value£1,627m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales24.2x
EV/EBITDA12.77x
Share Price Premium-
One Off Charge-

Tags

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Acquisition

Merger

De-SPAC

Domestic

Majority

Friendly

Transportation Services

micromobility

United States

Private

Reverse Takeover

Private Equity

Completed

Synopsis

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Bird Rides, a company engaged in short range environmentally friendly electric transportation, went public via a SPAC merger with Switchback II, in a $2.3bn deal. Investors in PIPE included Fidelity Management, Apollo Global and MidCap Financial. "Today marks a significant milestone for Bird, all of our team members around the world, and eco-friendly transportation. I founded Bird over four years ago with a mission to provide environmentally friendly transportation for everyone. Since 2017, we have expanded our shared micro-mobility service to more than 350 cities globally and have introduced a fleet of retail and direct to consumer micro-electric vehicles. With the support of Switchback II and proceeds from this transaction, we are well positioned for continued growth and expansion of our mission," Travis VanderZanden, Bird Founder and CEO.

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