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
-
Things to Know About Cam Grinding
By James Gaffney, Product Engineer, Precision Grinding and Patrick D. Redington, Manager, Precision Grinding Business Unit, Norton Company (Worcester, MA)
-
on lots of electric trucks. . .Grand Highlander. . .atomically analyzing additive. . .geometric designs. . .Dodge Hornet. . .
EVs slowdown. . .Ram’s latest in electricity. . .the Grand Highlander is. . .additive at the atomic level. . .advanced—and retro—designs. . .the Dodge Hornet. . .Rimac in reverse. . .
-
When Automated Production Turning is the Low-Cost Option
For the right parts, or families of parts, an automated CNC turning cell is simply the least expensive way to produce high-quality parts. Here’s why.
