Lyft confirms acquisition of bike-sharing company Motivate

Lyft is acquiring bike-sharing company Motivate, which operates urban services like Ford GoBike in San Francisco and Citibike in New York City, confirming recent rumors of the deal. Sources tell Axios the deal was for $250 million, though Lyft declined to comment on the price.

Why it matters: Ride-hailing companies like Uber and Lyft are racing to go beyond car rides. Uber recently acquired bike-sharing company Jump, and both companies are planning to roll out scooter-sharing services.