Key Speakers at WEF Annual Meeting of the New Champions
Uber CEO Travis Kalanick Photo by Qilai Shen/Bloomberg via Getty Images

Uber Confirms 2014 Negotiations to Buy Lyft

Sep 02, 2016

After reports surfaced that Uber was in talks to acquire its competitor Lyft, CEO Travis Kalanick confirmed these efforts have failed.

Back in 2014, Uber tried to acquire Lyft, Kalanick said in an interview with The Economist on Friday. But those talks fell through due to disagreements in pricing.

Now, Lyft is worth $5.5 billion and is Uber's greatest rival in the U.S with 20% market share. Uber has the other 80% of the country's market share and is valued at $70 billion. The smaller company has also successfully expanded to several cities, including Washington D.C. and San Francisco. As a result, Uber is putting more money into defending its turf.

Some have wondered if Kalanick regretted the failed attempt to acquire Lyft, but in his interview, the CEO said there was nothing to regret.

“It’s a really powerful thing for a company to compete. It makes you fierce about serving your customer,” Kalanick said.

The CEO also noted that having Lyft around has helped divide regulatory scrutiny

In the past, Uber was aggressive in its competition tactics. Kalanick told Vanity Fair in December 2014 that he went to Lyft investors in a bid to thwart the smaller firm's fundraising efforts. Uber also sent undercover agents onto Lyft rides in a bid to convince drivers to defect to Uber.

Technically, Uber still has a chance to buy Lyft if recent reports are to be believed. Just a few weeks ago, Lyft was said to have sought buyers in the form of Apple, Amazon, Google, General Motors, and yes—even Uber.

According to the same reports though, Uber didn't bite.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions