Uber is paying $3.1BN to pick up Middle East rival Careem

After months and months of rumors it’s finally been confirmed that ride-hailing giant Uber is picking up its Middle East rival Careem in an acquisition deal worth $3.1 billion — with $1.7BN to be paid in convertible notes and $1.4BN in cash. Uber writes that it expects the transaction to close in Q1 2020, pending applicable regulatory approvals. It says it will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, which it notes ranges from Morocco to Pakistan.
Read more: https://techcrunch.com/2019/03/26/uber-is-paying-3-1bn-to-pick-up-middle-east-rival-careem/?source=Snapzu