Uber to buy Middle Eastern rival Careem for USD 3.1 billion

Uber Technologies is expected to sign a deal to buy Careem, its main competitor in the Middle East, for the equivalent of USD 3.1 billion in cash and shares, according to sources cited by Bloomberg.  

The US firm could pay USD 1.4 billion in cash and USD 1.7 billion in convertible notes, the unnamed sources said. The transaction could be announced as early as Tuesday.

Careem’s shareholders include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten Inc.

The planned move comes as Uber is getting ready to launch an initial public offering in April, which could become one of the biggest-ever listings on the New York Stock Exchange. The company could reach a valuation as high as USD 120 billion.

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