Uber is close to securing an agreement with Lyft to merge their companies, the two companies said on Monday, as their shares soared on the news.
Uber’s stock has gained more than 200% since its initial public offering in July and has been among the most-traded stocks in the United States, according to Bloomberg data.
The deal would allow Uber to merge its ride-hailing and logistics business with Lyft, an acquisition valued at $68 billion.
The deal is expected to close in the second quarter of 2019, according the companies.
Ley, which was founded in 2010, has been looking to expand into new markets in the past year.
The company has raised $9 billion in funding, with a $2.7 billion round led by Fidelity Investments in September 2016 and $2 billion in Series A financing in May 2017.
Lyft has also raised $11 billion in venture funding in recent years, most of which was led by venture capitalists including Andreessen Horowitz.
At the end of the first quarter of 2020, Lyft had a market value of $5.6 billion, while Uber’s was $21.5 billion.