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GM offered to buy Lyft, was turned down

General Motors (GM) currently holds some nine per cent stake at Lyft, the American ride-sharing company. However, according to new media reports, firstly coming out of The Information, GM was interested in purchasing the other 91 per cent, as well.

How much money would that be? Well, if nine per cent was $500 million, the entire company would be around $5.5 billion.

Lyft, apparently, turned the offer down and instead wants to go for another round of funding.

The media are speculating that all of this comes as a result of the recent teaming up with Frank Quattrone's Qatalyst Partners, a Silicone Valley group 'known for selling companies'.

As for GM's intentions, they seem pretty clear – the company wants its own network of self-driving, rentable cars, and Lyft’s experience in ride-sharing can be priceless here.

Lyft, on the other hand, obviously just wanted to arm itself with more cash as it prepares for another round with giants Uber.

According to Business Insider, Uber conceded its fight in China with the locals from Didi Chuxing, and is looking to focus even more on its domestic market, which could spell trouble for Lyft. Even though the company has been slowly gaining market share in the US, it is still very far behind Uber.

Both companies are yet to comment.

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.