Kingdom Holding, partners buy 5.3% stake in Lyft for $248 mln

Kingdom Holding Co. (KHC), along with partners invested SAR 928.8 million ($247.7 million) to acquire a 5.3 percent stake in the American transportation network Lyft, KHC said in a statement on Thursday.

The investors injected $100 million in Lyfts Series F capital increase, with KHC alone contributing $31 million.

Meanwhile, KHC and its founder Prince Alwaleed bin Talal, invested $73.9 million and $73.8 million, respectively, to purchase preferred shares in Lyft on the secondary market.

Accordingly, KHC’s share in the combined investment amounted to $104.9 million, accounting for a 2.3 percent stake in Lyft on a converted basis.

The Tadawul-listed company added that the deal was financed from its available cash resources.