Source: Kataeb.org
Tuesday 26 March 2019 13:34:21
Uber announced on Tuesday a deal to buy Dubai-based transportation network company, Careem, for $3.1 billion, making it the biggest-ever technology industry transaction in the Middle East.
Chief Executive Officer of Uber, Dara Khosrowshahi, stated that Careem, founded in 2012, has "played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region.
The combined company "will deliver exceptional outcomes for riders, drivers, and cities, in this fast-moving part of the world," he pledged.
The deal will keep Careem co-founder and CEO, Mudassir Sheikha, as business leader of Careem, knowing that each of the two companies will continue to operate using its own independent brand.
The acquisition agreement consists of $1.4 billion in cash and $1.7 billion in convertible notes.