The purchase of Spin follows TIER’s recent acquisitions of the Italian market leader Wind Mobility and Europe’s top bikeshare operator nextbike, both in 2021. In October 2021, TIER announced the first close of its US$200 million Series D funding round, making it the best-funded micro mobility company in Europe. To date, TIER has raised a total of US$660 million in equity and debt.
Founded in San Francisco in 2016, Spin operates micro-mobility systems in cities and on university campuses to provide scooter-share services throughout the United States and Europe. In the United States, Spin operates in over 60 cities and 25 universities.
“White & Case has a track record advising on strategic, high profile technology and Fast Growth transactions,” said White & Case partner and co-head of the Technology Industry Group Daniel Turgel, who led the firm’s deal team. “Our work with TIER Mobility on this transformative acquisition demonstrates the trust our clients place in us to deliver on their most strategic projects and the strength of our transatlantic M&A expertise.”
The White & Case cross-border team which advised on the transaction was co-led by partners Dan Turgel (London) and Chang-Do Gong (New York) and included partners Hans-Georg Schulze (Berlin), Juan Manuel de Remedios (Madrid), Arlene Hahn, Seth Kerschner, Sang Ji, Steven Lutt, Henrik Patel (all New York), Richard Burke and Paul Pittman (both Washington, DC), counsel Julio Peralta (Madrid) and Denise Mazzeo (New York) and associates Laura Buchholz (Berlin), Justus Redeker (Frankfurt), Christian Holbrook and Marta Zieba (both London), law clerk Dilara Erik and associates Catherine McNally, Mark Kim, Christian Berger, Leslie Teng (all New York), Patrick Huston (Boston), Otto Nunez-Montelongo, Tim Sensenig, Mark Williams, Evan Shaver and Devon Yamauchi (Washington, DC).