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Swvl’s $100M acquisition of Smart Bus startup Zeelo is off, amid tech stocks slump


All is not well with the proposed acquisition of U.K. start bus platform Zeelo by Mass transit group Swvl. Back in April, we covered how a possible $100 million acquisition was on the cards, and, indeed, both companies confirmed it was, though not the price.
Swvl, an Egyptian-born startup that provides shared transportation services for intercity and intracity trips, had previously gone public (NASDAQ: SWVL) via a SPAC, and had agreed to acquire Zeelo, adding to its recent acquisitions of Viapool and Shotl, as well as the announced acquisitions of Volt Lines and door2door.
When the news of the acquisition dropped, Swvl was trading at $9 to $10 a share. Today, however, it is trading at barely $1 a share. SPot …

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