According to Capital New York, REQX Ventures (an enterprize affiliated with Related Companies and the owner of Equinox) has officially closed on a deal to buy Alta Bicycle Share, the developer and operator of poor, embattled Citi Bike. Under a tentative plan announced a few months ago, the deal will probably grant REQX the right to significantly raise rates, as well as double the number of bikes in circulation from 6,000 to 12,000. Maybe now they'll finally have the resources to catch and punish the doo-doo bandit. [CNY; previously]
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