Paul Hastings Advises Bikeshare Holdings on Acquisition of Alta Bicycle Share, Inc. and Citi Bike Investment
New York, NY- Paul Hastings LLP, a leading global law firm, is representing Bikeshare Holdings LLC in connection with its acquisition of Alta Bicycle Share, a global bike share operations leader with programs including Citi Bike in New York City and systems in Chicago, the Washington, D.C. area, the Boston area, the San Francisco Bay area, Toronto, Seattle, Columbus, Chattanooga and Melbourne.
In connection with the acquisition, the firm advised Bikeshare Holdings in connection with an increased sponsorship commitment from Citibank and an increase in the credit facility from the Goldman Sachs Urban Investment Group both of which will support the expansion and ensure the long-term stability of the New York City Citibike system, making it more reliable and accessible for the thousands of New Yorkers. The Citibike system, which will continue to be operated by NYC Bike Share (NYCBS), a subsidiary of Alta, will be expanded from the current system of 330 stations and 6,000 bikes to over 700 stations and 12,000 bikes by the end of 2017. Citi Bike also will expand into Brooklyn and Harlem, and bring bikes to Queens for the first time. The agreement with the City also calls for service enhancements to the system’s operations for Citi Bike’s tens of thousands of riders, including upgrades to the software and technology that helps operate the bike share system.
Bikeshare Holdings LLC is a newly-formed investment venture that includes the CEOs of The Related Companies, one of the nation’s most prominent real estate firms, and Equinox®, a fitness and high performance lifestyle leader, as well as Jonathan Schulhof, a private investor who led the transaction.
Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.