The German Tier and the French Dott, which offer self-service scooters and bicycles, will merge to form a “European champion of micro-mobility”, the two operators announced on Wednesday.
(BELGA / ERIC LALMAND)
Tier, already a leader in Europe, and its competitor Dott indicated in a press release that they had reached “a preliminary agreement aimed at bringing the two companies together”.
The joint entity will continue to operate under the Tier (2,000 employees worldwide) and Dott (500 employees) brands, on their respective applications, “with greater convergence possible in the future” to face their competitors Lime, Bolt or See.
The company’s headquarters will be established in Berlin, Tier’s homeland.
Tier CEO Lawrence Leuschner will take over as chairman of the new company while Dott CEO Henri Moissinac will serve as general management (“CEO”).
The transaction, subject to certain conditions, will not be effective until spring.
Together, the companies generate a combined turnover of 250 million euros, for more than 125 million journeys per year in more than 20 countries. Tier and Dott operate in Berlin, Brussels, Paris, London, Madrid, Rome, Dubai, Tel Aviv and Warsaw.
The new company is positioning itself to “be profitable and support the transition to more sustainable transport”.
The transaction will be supported by existing shareholders of Tier and Dott, led by the Emirati funds Mubadala Capital and Belgian Sofina, and including the funds Estari, M&G, Prosus Ventures, Novator and White Star Capital, to the tune of 60 million euros.