Login
Uber acquires car-sharing start-up
Peer-to-peer car-sharing company Car Next Door has been acquired by Uber, in a deal that will add to their suite of products in Australia.
Lauren Croft
Deal: HSF has advised Uber on its acquisition of peer-to-peer car sharing platform Car Next Door. Addisons advised the start-up over the course of the transaction.
Value: Undisclosed.
Area: M&A.
Key players: The Herbert Smith Freehills team was led by partners Malika Chandrasegaran and Kwok Tang and included executive counsel James Shirbin and solicitors Thomas Gooch, Sunny Li, Raymond Sun and Ellen O’Rourke, as well as lawyers across Herbert Smith Freehills’ Sydney and Singapore offices and associated tax practice Greenwoods & Herbert Smith Freehills, led by partner Toby Eggleston.
The Addisons team advising Car Next Door was led by managing partner Kieren Parker and supported by senior associate Rebecca Dooley and solicitors Sophie Evans and Max Jamieson.
Deal significance: Since starting out in 2012 with 20 cars and 60 borrowers, Car Next Door has grown to operate around Australia.
Commenting on the deal, Ms Chandrasegaran said: “It has been a delight and privilege to assist the Uber team on this strategic transaction, which will add Car Next Door to Uber’s suite of products in Australia. We congratulate the Uber and Car Next Door teams, and look forward to their continued success and collaboration.”
Mr Parker added: “Congratulations to CEO and co-founder Will Davies and the Car Next Door team on their successful sale to Uber. Car Next Door is a great Australian start-up success story and the team at Addisons has been fortunate to be a part of their journey since 2015.
“The acquisition by Uber is validation of the strong business that the Car Next Door team has built, and presents a compelling opportunity to leverage Uber’s footprint to turbocharge their growth.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
