Swvl's Acquisition of UK-Based Smart Bus Start-Up Zeelo Terminated


Dubai-based Swvl's planned acquisition of British smart bus operator Zeelo has been terminated, the two companies announced on Friday.

The companies cited financial market volatility as the reason behind the transaction's termination.

Meanwhile, Swvl, which previously funded a $5 million convertible promissory note to Zeelo, said that Zeelo can keep it.

Swvl announced in April that it had reached a definitive agreement to acquire Zeelo, while the transaction was expected to close on May 24.

The ride-sharing platform did not disclose the size of the deal, but The Financial Times reported that the sale valued Zeelo at $100 million.