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Uber Acquired its Middle East Rival “Careem” for $3.1 Billion

  •  A $3.1 billion agreement between Uber and Careem consists of $1.7 billion in convertible notes and $1.4 billion in cash.
  •  Dubai-based Careem claims that it has more than 30 million registered users in 120 cities across the Middle East, South Asia and North Africa.
  • Uber is heading towards initial public offering (IPO) that, according to reports could value the company at as much as $120 billion.
Uber announced on Tuesday that it has reached a deal to acquire its rival Careem for $3.1 billion. Careem is based in Dubai which was founded in 2012, which claims to have more than 30 million registered users and provides its car-hailing services in 120 cities across the Middle East, South Asia and North Africa, from Morocco to Pakistan.

It is anticipated that this deal is the biggest-ever technology industry transaction in Middle East as Uber approaches initial public offering at as much as $120 billion. It is believed to be one of the biggest tech IPOs in history.

Investing in Middle East after Asia Pullback

Uber is surrounded by losses, booking a $1.8 billion loss in 2018. Ahead of its blockbuster IPO, the company is introducing itself as a one-stop shop for transportation and logistics, not just car-hailing. The company’s history shows its last big acquisition deal of U.S bike-sharing firm Jump.

History shows Uber made deals to exit big markets like China and Southeast Asia, as homegrown giants came into force and it became difficult for the company to operate there.

Company sold its China business to loch tech firm Didi Chuxing in 2016, and its Southeast Asia’s business to Singapore’s Grab last year in return of equity stake in two rivals.

The Saudi Public Investment Fund (PIF) invested $3.5 in company in 2016. So Careem to become wholly –owned subsidiary of Uber, operating as an independent company under the Careem Brand and led by Careem founders.

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