Exor to buy 8.87 per cent stake in Via Transport

MILAN: Italy’s Exor said it had agreed to pay $200 million for an 8.87% stake in Us-based shared mobility company Via Transportation, in what would be the first step by the Agnelli family’s investment firm into the tech industry.

The price agreed values all of Via Transportation at about $2.25 billion.

“At this uniquely challenging moment, it is more important than ever to work creatively for a more sustainable future beyond these difficult days,” Exor Chairman and Chief Executive John Elkann said in a statement. The Exor-via transaction, which is subject to antitrust approval, is expected to close in the second quarter, the company said. An Exor representative will join Via’s board. New investors Shell, Macquarie Capital and Mori Building also participated in the round, as did existing investors, Via said in a statement.

“The financing round comes at a critical time as cities grapple with unique transportation needs during the COVID-19 crisis,” it said.

Founded in 2012, Via specialises in urban public mobility systems, competing with operators such as Uber or Lyft. It launched its first platform for on-demand shared transit in New York City in 2013.

Via, available in more than 70 cities in 20 countries, has provided over 70 million rides around the world to date.

Its website says its partners are cities, private operators, school districts, corporations, and universities, and that its services include first and last mile transportation, school buses, services for “transit deserts” and non-emergency medical solutions, fitting into existing infrastructure.