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Wednesday, February 1, 2023

Uber to buy Mideast rival Careem: report

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Uber is set to buy its Middle Eastern rival Careem for $3.1 billion, financial news agency Bloomberg reported Sunday.

The deal, expected to be announced Tuesday, will see Uber pay $1.4 billion in cash and the rest in notes convertible to Uber shares, Bloomberg reported, citing people with knowledge of the matter.

Read more: Will Uber & Careem merger create a monopoly in Pakistan?

It comes as Uber prepares for its initial public offering expected next month which could, according to some estimates, see the rideshare giant’s value increase to $100 billion.

Dubai-based Careem boast more than a million drivers and 30 million users across 90 cities.