The €220 Million Question: Why Uber Paid to Enter Alejandro Betancourt López’s Spain
A single transaction reset how investors think about Spanish ride-hailing. On Feb. 28, 2025, Uber bought a 30% stake in Auro for €220 million, a figure split between €180 million in equity and €40 million of debt.
What makes the deal worth a second look is its destination. Money of that size went to a Spanish operator most people outside the country had never tracked, and the man behind it, Alejandro Betancourt López, had spent the better part of a decade quietly assembling the pieces.
What Uber actually bought
The cash secured more than a brand name. Uber gained access to a working fleet, a network of drivers, and the largest collection of VTC permits in Spain, the licenses any private-hire vehicle needs to carry paying passengers legally.
Uber has fought regulatory battles across Europe for years, so buying a foothold beat building one from scratch. The permits alone would’ve taken years to gather, and Auro already held them across Madrid, Barcelona, Valencia and Málaga.
The decade behind the number
The €220 million didn’t appear out of nowhere. Back in November 2022, both Uber and Cabify had circled Auro with bids of roughly €200 million each, a pair of approaches that confirmed how badly the platforms wanted what Betancourt López controlled.
He has described the standoff bluntly. “Either they work with us, or we dominate the market,” Betancourt López said. Scarce permits handed him the bargaining power, and the price climbed because the asset grew harder to replace. The buyer with the deepest interest eventually paid to lock it in.
