Home Business Uber to Buy Rival Careem

Uber to Buy Rival Careem

by AFP
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File Photo. Aamir Qureshi—AFP

Report claims deal, expected to be announced this week, will cost Uber $3.1 billion

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

The deal, expected to be announced on 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.

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.

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2 comments

I Ahmed March 26, 2019 - 8:03 pm

This will not be good for consumers.

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바카라사이트 October 13, 2019 - 8:37 pm

Quality over quantity. Amen to that.

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