Thursday
March 28
2019

Uber is paying $3.1BN to pick up Middle East rival Careem

By Natasha Lomas

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 to close in Q1 2020, pending applicable regulatory approvals.

It says it will acquire all of Careem’s  mobility, delivery, and payments businesses across the greater Middle East region, which it notes ranges from Morocco to Pakistan.

Major markets for Careem are stated to include Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates, with the business operating in 120 cities across 15 countries in total.

Photo courtesy of Matt Lingard.

Source: TechCrunch (link opens in a new window)

Categories
Technology
Tags
emerging markets, sharing economy, technology, transportation