Pon Holdings becomes one of biggest bike makers after deal to acquire Cannondale and Schwinn

Pon Holdings, which owns the Gazelle, Santa Cruz and Urban Arrow, has reached a deal to acquire the Cannondale, Schwinn and Mongoose bicycle brands from Dorel Industries for $810 million. "Together we can further cater to the ever growing demand for quality and electric bikes, whether it’s for urban use, leisure or sports," Pon Holdings CEO Janus Smalbraak said in a statement.