As reported by the Montreal Gazette, the City of Montréal will purchase BIXI’s local assets for $11.9 million. This includes 5,000 bicycles at over 400 stations.

In addition to the purchase, Montréal’s executive committee vote committed the city to operating the local  program through 2014. It is estimated that this will cost about $1.5M. 

Mayor Denis Coderre has said that the city plans to turn BIXI into a non-profit organization.

-Updates to this story will be made as more information becomes available.