(Swvl) Shares of Swvl Holdings Corp. rose more than 48% on Thursday after announcing a deal for Zeelo to become the global leader in mass transit.
Swvl said that Zeelo addition gives the leeway to expand in strategic markets, including the UK, US, and South Africa. The company says the deal offers compelling financial metrics with profitable operations.
Swvl cites Zeelo’s experienced team of over 160 staff globally, including its 29 software developers based at its R&D hub in Barcelona.
The mass transit platform says Zeelo has a well-recognized name in driving the shift to zero-emission mass transportation systems, which aligns with the company’s goal.
The deal is expected to close in May 2022, with the acquisition expanding Swvl’s global reach to 146 cities in 21 countries on 5 continents.
SWVL: NASDAQ is up +48.02%
