{"id":548203,"date":"2022-07-31T04:00:54","date_gmt":"2022-07-31T04:00:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/swvl-has-terminated-its-acquisition-of-uk-based-zeelo-due-to-market-volatility\/"},"modified":"2022-07-31T04:00:54","modified_gmt":"2022-07-31T04:00:54","slug":"swvl-has-terminated-its-acquisition-of-uk-based-zeelo-due-to-market-volatility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/swvl-has-terminated-its-acquisition-of-uk-based-zeelo-due-to-market-volatility\/","title":{"rendered":"Swvl has terminated its acquisition of UK-based Zeelo due to \u201cmarket volatility\u201d"},"content":{"rendered":"

<\/a> Swvl\u2019s acquisition of UK-based smart bus platform Zeelo is off: <\/strong>Cairo-born mass transport app Swvl will not be acquiring UK startup Zeelo, after the two companies said they were calling off the transaction due to turmoil in financial markets, Swvl announced in a filing<\/a> to the US Securities and Exchange Commission on Friday. The acquisition could have valued the UK startup at USD 100 mn, sources told TechCrunch<\/a> earlier this year, though neither outfit has publicly confirmed the transaction value.<\/p>\n

What changed?<\/strong> The acquisition was announced in April, just weeks after Swvl\u2019s debut on the Nasdaq<\/a> via a SPAC merger. Since its IPO, Swvl\u2019s shares have plunged nearly 84% amid a heavy sell-off on Wall Street of tech stocks and companies that went public via blank check firms. \u201cAll pre-completion obligations were met, but following financial market volatility, Swvl and Zeelo mutually agreed to terminate the planned transaction,\u201d Swvl said in the disclosure.<\/p>\n

What they said:<\/strong> \u201cThe deal that was agreed no longer made sense right for the parties\u2026not just in terms of the transaction, but also in terms of the growth opportunity\u2026We wouldn\u2019t be able to do any of that anymore,\u201d Zeelo co-founder and CEO Sam Ryan told TechCrunch<\/a>. \u201cNow, we\u2019re shielded from what\u2019s going on in the public markets.\u201d<\/p>\n

What the failed acquisition cost Swvl:<\/strong> In financial terms, the startup had previously funded a USD 5 mn convertible promissory note to Zeelo, which it has now forgiven. In operational terms, the acquisition would have been Swvl\u2019s ticket into the UK, South Africa and the US \u2014 three of the biggest markets the startup had been eyeing.<\/p>\n

Austerity time for Swvl:<\/strong> In the face of challenging market conditions, Swvl has been forced into cutbacks this year to keep it on track to meet its financial targets next year. The company has slashed headcount by a third, eliminated unprofitable routes, and cut executive pay as it tries to become cashflow-positive by next year. Swvl is expecting losses to almost double this year<\/a> but thinks it can rebound and turn a slight profit next year.<\/p>\n

The news comes just a couple of weeks after Swvl entered Mexico.<\/strong> Swvl has made around five acquisitions to date as part of its global expansion plans. After acquiring Barcelona-based Shotl<\/a> and Chile \/ Argentina-based Viapool<\/a> last year, earlier this year the company bought Turkish firm Volt Lines<\/a>, German SaaS platform Door2Door<\/a> and, just a couple of weeks ago, Mexico\u2019s Urbvan Mobility<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swvl\u2019s acquisition of UK-based smart bus platform Zeelo is off: Cairo-born mass transport app Swvl will not be acquiring UK startup Zeelo, after the two companies said they were calling off the transaction due to turmoil in financial markets, Swvl announced in a filing to the US Securities and Exchange Commission on Friday. The acquisition […]<\/p>\n","protected":false},"author":1,"featured_media":548204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,7128,120,123,507,207,2193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-nasdaq","tag-startups","tag-swvl","tag-transport","tag-zeelo","wpautop","entry"],"acf":{"mongo_id":"1244cec5-2c32-46d7-9636-38891e20c962","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/316.jpg","photo_position":"above","related_issue":[548197],"teaser":"","voice_url":""},"yoast_head":"\nSwvl has terminated its acquisition of UK-based Zeelo due to \u201cmarket volatility\u201d - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/swvl-has-terminated-its-acquisition-of-uk-based-zeelo-due-to-market-volatility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl has terminated its acquisition of UK-based Zeelo due to \u201cmarket volatility\u201d\" \/>\n<meta property=\"og:description\" content=\"Swvl\u2019s acquisition of UK-based smart bus platform Zeelo is off: Cairo-born mass transport app Swvl will not be acquiring UK startup Zeelo, after the two companies said they were calling off the transaction due to turmoil in financial markets, Swvl announced in a filing to the US Securities and Exchange Commission on Friday. 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The source did not disclose details on the timeline or value of\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546083,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/swvl-to-acquire-turkish-transit-company-volt-lines\/","url_meta":{"origin":548203,"position":3},"title":"Swvl to acquire Turkish transit company Volt Lines","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"Cairo-born mass transit firm Swvl is continuing its buying spree, announcing this week an agreement to purchase Turkish firm Volt Lines in what is the company\u2019s fourth acquisition in the past eight months.The details: The acquisition will be executed with a mix of cash and shares, with the \u201cvast majority\u201d\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579162,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/volt-lines-confirms-swvl-breakup-reverse-stock-split-boosts-swvl-share-price\/","url_meta":{"origin":548203,"position":4},"title":"Volt Lines confirms Swvl breakup + Reverse stock split boosts Swvl share price","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"Volt Lines confirms Swvl breakup: Turkish mobility business Volt Lines\u2019 management team is back in the driver\u2019s seat after taking back control of the company from Swvl, it confirmed in a press release (pdf) on Thursday. The two sides agreed to terminate the USD 65 mn acquisition in December and\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/476.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/swvl-to-go-public-through-merger-with-us-spac\/","url_meta":{"origin":548203,"position":5},"title":"Swvl to go public through merger with US SPAC","author":"enterpriseam admin","date":"28 July 2021","format":false,"excerpt":"Mass transportation startup Swvl could soon go public through a merger with US SPAC Queen\u2019s Gambit Growth Capital, the Wall Street Journal reports. The ridesharing app will debut on the Nasdaq after reaching a roughly USD 345 mn \u201cde-SPAC transaction agreement\u201d (that\u2019s fancy-talk for \u201cmerging with a SPAC\u201d) that values\u2026","rel":"","context":"In "SPEED ROUND: IPO WATCH"","block_context":{"text":"SPEED ROUND: IPO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/485.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548203"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548203\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548204"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548203"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548203"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}