Uber Technologies to acquire Dubai's Careem Networks for $3.1bn

Uber Technologies to acquire Dubai's Careem Networks for $3.1bn
Published: 25 March 2019 - 6:17 a.m.
By: Logistics Middle East Staff

Uber Technologies is set to acquire Dubai-based rival Careem Networks FZ this week.

According to a report by Arabian Business, Uber Technologies is set to announce a US$3.1bn (AED11.3bn) cash-and-share deal to acquire Careem Networks FZ.

The US ride-hailing giant will pay US $1.4 billion in cash and US $1.7 billion in convertible notes for Careem, the people said, asking not to be identified because the talks are private.

The notes will be convertible into Uber shares at a price equal to US $55 per share, according to the term-sheet seen by Bloomberg.

Shareholders in Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten, have been asked to agree to the terms of the transaction by Monday evening.


Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha