After months and months of rumors it’s finally been confirmed that ride-hailing giant Uber is picking up its Middle East rival Careem in an acquisition deal worth $3.1 billion — with $1.7BN to be paid in convertible notes and $1.4BN in cash. Uber writes that it expects the transaction t…
Source: techcrunch.com
Transportation network company Uber is acquiring Middle East rival Careem for $3.1 billion. This deal will consist of $1.7 billion in convertible notes and $1.4 billion in cash. Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, which ranges from Morocco to Pakistan. The acquisition is subject to applicable regulatory approvals and is expected to close in Q1 2020.
