Swvl to buy Turkey’s Volt Lines in push to expand across Europe

Dubai-based shared mobility services provider Swvl has agreed to acquire Turkish company Volt Lines as it seeks to expand its operations in Europe.

Founded in 2018, Volt provides mass transit solutions to corporate clients working in more than 110 companies through a network of “smartly routed” shared buses, Swvl said yesterday.

It has a strong presence in Turkish cities, including Istanbul and Ankara, the capital. The financial details of the deal were not disclosed.

“With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client base and continuing to deliver on our growth objectives,” said Mostafa Kandil, founder and chief executive of the mobility services provider.

Valued at $1.5 billion, Swvl began trading on Nasdaq in the US last month after a merger with special purpose acquisition company (Spac) Queen’s Gambit Growth Capital, the first blank-cheque company led by women.

It is the second Arab technology company to be listed on the Nasdaq after music-streaming platform Anghami, which was also floated through a Spac in February.

Swvl, which was founded in 2017, allows commuters to reserve seats on private buses operating on fixed routes and pay fares using its mobile app. It has intercity and intra-city buses and offers transport services to business and governments across more than 100 cities in more than 20 countries.

“Volt Lines brings an extensive list of multinational customers that we are excited to continue to grow relationships with,” said Youssef Salem, Swvl’s chief financial officer.

Swvl entered the European market in August last year after it acquired a controlling stake in Shotl, an Uber-like service in Barcelona for bus and van operators that caters to municipalities, corporations and educational institutions.

It also bought Argentina’s Viapool in November and European technology-enabled mass transit solutions provider door2door last month, with the transaction expected to close in the second quarter of this year.

The Volt deal is also expected to be completed in the second quarter and is subjected to customary closing conditions, Swvl said.

“When we launched Volt Lines four years ago, we set out to deliver a revolutionary transit experience to make commuting more reliable and affordable in Istanbul,” said Ali Halabi, Volt founder and chief executive.

“With Swvl’s global footprint, leading technology platform and proven ability to scale, we believe they are the ideal partner for Volt Lines to accelerate [the] expansion of our platform.”