Uber acquired Dubai-based Careem for $3.1 billion

UAE-CONNECTS.COM

Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.

Opportunity for both companies to rapidly expand and capitalise on the region’s underpenetrated mobility opportunity and growing digital economy

Transaction would be largest-ever technology industry transaction in the greater Middle East region

UAE--- Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.

Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.

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Source and courtesy :KT

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Uber acquired Dubai-based Careem for $3.1 billion