Bird Rides Inc. has reached a deal to buy rival electric scooter-rental startup Scoot Networks Inc., the Wall Street Journal reported Wednesday. Financial terms were not disclosed, but sources told the Journal the price was around $25 million, significantly less than Bird’s last valuation of $70 million in 2017. Scoot was reportedly having trouble raising enough funding to keep competitive. The deal will reopen the San Francisco market for Bird, after it was denied a permit to operate there last year following clashes with city regulators. The San Francisco Examiner reported the city has already approved Bird to take over Scoot’s operating license.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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