Saudi Prince Al-Waleed’s Firm invests $247.7 mn in Lyft

Ride-sharing service Lyft Inc. is getting a boost from Saudi Arabia’s Prince al-Waleed bin Talal.

The prince disclosed on Thursday that his Kingdom Holding Co. investment company is paying $104.9 million for a 2.3% stake as part of a larger investment by an unnamed group spending $247.7 million for a 5.3% of the San Francisco-based company. The purchase boosts Lyft’s estimated value to $4.92 billion, WSJ reported.

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