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
-
GM Develops a New Electrical Platform
GM engineers create a better electrical architecture that can handle the ever-increasing needs of vehicle systems
-
Toyota Finds a Mystery in Occupant Safety for Self-Driving Vehicles
Toyota Motor Co. says its study of how people in self-driving cars react to a near crash proves it will take far more research to improve the safety of occupants in such vehicles, Automotive News reports.
-
Kroger Tests Self-Driving Grocery Delivery Service
The Kroger Co. and Silicon Valley startup Nuro launched a pilot program for autonomous grocery delivery this week in Scottsdale, Ariz.
