Swvl (NASDAQ:SWVL) stock is taking off on Thursday as investors react to the company acquiring Zeelo for an undisclosed amount.
Zeelo is the largest smart bus platform in the United Kingdom, based on bookings. With this acquisition, Swvl plans to set itself up as a leading global mass transit tech platform. This newest purchase will have it serving 146 cities across 21 countries.
News of the Zeelo acquisition complements a series of purchases that Swvl has been making. Among them are Viapool, Shotl, Volt Lines, and door2door. The current expectation is for Swvl to finish its acquisition of Zeelo in May 2022.
Youssef Salem, CFO of Swlv, said the following in the news release moving the company’s stock today.
“The acquisition of Zeelo offers Swvl a superb entry point into the US and South Africa, extends our position in the UK, and provides a complementary suite of new mobility products. Combined with our past acquisitions and announced acquisitions, today’s announcement further demonstrates our ability to utilize our growth capital and public currency to pursue organic and inorganic strategic initiatives.”
SWVL stock is experiencing heavy trading today alongside the acquisition news. As of this writing, more than 20 million shares of the stock have been traded. That’s quite the jump compared to the company’s daily average trading volume of about 815,000 shares.
SWVL stock is up 48.4% as of Thursday afternoon.
Investors seeking out more stock market news for today will want to stick around!
We’ve got all the most recent stock news with our daily coverage of the market! A few examples for Thursday include the latest happenings for Ark Innovation (NYSEARCA:ARKK), Warner Bros. Discovery (NASDAQ:WBD), and Teladoc (NYSE:TDOC). You can read up on all of this news at the following links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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