Tuesday, March 26, 2019

Uber Acquires Careem For $3.1 Billion

San Francisco-based Uber announced very late Monday evening that it has acquired United Arab Emirates-based Careem, the operator of a ride hailing service in the Middle East, in a deal worth $3.1 billion. According to Uber, Careem will become a wholly owned subsidiary of the company, and will continue to operate as an independent company under the Careem brand. According to Uber, the move will help it expand in the greater Middle East. The deal is split between $1.7 billion in convertible notes and $1.4 billion in cash. Careem will continue to be led by co-founder and CEO Mudassir Sheikha. Careem has operations from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates, according to Uber.