Lyft rises on Europe entry plan with $200 million FreeNow acquisition

Shares of ride-hailing firm Lyft LYFT.O rise 2.4% to $11.2 premarket

LYFT is buying mobility platform FreeNow from German automotive giants BMW BMWG.DE and Mercedes-Benz MBGn.DE for 175 million euros ($198.40 million) to expand into the European ride-hailing market

Deal will nearly double the company's potential market and open doors to major European cities

Up to last close, stock down 15.6% YTD

($1 = 0.8821 euros)