Mexican Media Brands
Uber Buys Middle East Rival in $3.1 Billion Deal
Uber Technologies Inc. is acquiring Careem Inc., a larger ride-hailing rival in the Middle East and North Africa, for $3.1 billion in cash and convertible notes.
Share
Uber Technologies Inc. is acquiring Careem Inc., a larger ride-hailing rival in the Middle East and North Africa, for $3.1 billion in cash and convertible notes.
Dubai-based Careem operates in 15 countries and more than 120 cities in North Africa, the Middle East, Pakistan and Turkey. In comparison, Uber operates in two dozen cities in the region.
The purchase will make 7-year-old Careem a wholly owned subsidiary of Uber that continues to operate services under its own brand. Careem also recently added a delivery service. The company’s early investors included Daimler and several Middle East funds.
The companies expect to complete the acquisition, who negotiations began nearly one year ago, in the first quarter of 2020. Over that period, Careem’s market value nearly doubled to more than $2 billion.
RELATED CONTENT
-
The Koenigsegg Jesko Has An Amazing Engine
It is hard to believe that this is a vehicle in “serial” production with such extraordinary powertrain performance
-
Increasing Use of Structural Adhesives in Automotive
Can you glue a car together? Frank Billotto of DuPont Transportation & Industrial discusses the major role structural adhesives can play in vehicle assembly.
-
Jeeps Modified for Moab
On Easter morning in Moab, Utah, when the population of that exceedingly-hard-to-get-to town in one of the most beautiful settings on Earth has more than doubled, some people won’t be hunting for Easter eggs, but will be trying to get a good look at one of the vehicles six that Jeep has prepared for real-life, fast-feedback from the assembled at the annual Easter Jeep Safari.
