Wall Street Journal:
The company that runs Citi Bike is in advanced talks with an affiliate of a major real-estate developer about an investment that would fuel an expansion of New York City's bicycle-sharing program, according to people familiar with the negotiations.
Alta Bicycle Share Inc. of Portland, Ore., which runs Citi Bike, has been negotiating a deal with REQX Ventures, an investment firm formed by the upscale fitness center chain Equinox and its parent, Related Cos., these people said.
Both parties have signed a term sheet outlining a deal to inject capital to help bring the Citi Bike program to more neighborhoods in New York City, according to the people. The potential investment would also fund improvements to Citi Bike's software, one person said.
It was unclear how much capital REQX Ventures might invest or what kind of stake in the Citi Bike program the company might get in return. It remains to be seen whether the two sides would close the deal, or whether city officials would approve it.