$810 million deal creates one of world's largest bike makers

Dorel Industries agreed to sell its portfolio of bike brands, including Cannondale, Schwinn and Mongoose, for $810 million to Dutch mobility group Pon Holdings.

Why it matters: This creates one of the world's largest analog bike makers, and also reflects surging e-bike usage in the U.S.

Flashback: Dorel in early 2021 rejected a US$371 million takeover offer from Cerberus Capital Management.

The bottom line: "E-bikes now make up 70% of sales at Pon's bicycle arm. The company has been rolling out new services in Europe, including the popular 'Swapfiets' in Amsterdam where users pay a monthly fee and get repairs and replacement bikes for free." — Reuters

Go deeper: Electric bikes jolt U.S. cities