Uber acquires Mideast competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region.
FILE - This June 12, 2018, file photo shows the Uber app on a phone in New York. Ride-hailing service Uber announced on Tuesday, March 26, 2019 it has acquired its Mideast competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region.
Uber said in a prepared statement that the $3.1 billion purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. Under the deal, Careem will keep its brand as a wholly-owned subsidiary of Uber, operating as an independent company led by its original founders. Uber’s CEO Dara Khosrowshahi said the deal expands the U.S.-based company’s strength around the world.
Careem’s CEO and co-founder Mudassir Sheikha described the deal as a “milestone” for the company and for budding entrepreneurs in the region, as well as local and global investors.
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