REUTERS/Hannah Mckay/File PhotoFILE PHOTO: An employee shows the logo of ride-hailing company Careem on his mobile in his office in the West Bank city of Ramallah July 17, 2017. Careem will continue to operate under its own brand and remain somewhat independent of Uber. David Chao, co-founder and general partner at venture firm DCM and a Careem investor, said it was the “first unicorn exit” in the Middle East, referring to start-ups valued at $1 billion or more, and representative of things to come. Uber has sold majority stakes of its businesses in Russia, China and Southeast Asia to local competitors after deciding to avoid price wars in those areas. SAN FRANCISCO — Uber plans to buy Careem, its largest rival in the Middle East, the American ride-hailing company announced on Tuesday, giving it a … The merger follows the $580 million acquisition of Dubai-based ecommerce company Souq Group Ltd by Amazon.com Inc in 2017, according to a U.S. Securities and Exchange Commission filing, spotlighting the Middle East’s budding technology scene. An Uber spokesman declined to say whom Uber would appoint to the board. Careem over the course of last year grew its business rapidly, including adding a delivery service, and went on to nearly double its valuation, pressuring Uber to increase its bidding price. It recently expanded into food delivery and payments, seeking to establish itself as a one-stop shop for consumers. To address these concerns, Careem’s security and legal teams will report directly to Uber, according to a person familiar with the deal. Two sources familiar with … Careem had raised less than $800 million from investors and as of October had a $2 billion valuation. Al Tayyar said it was divesting its investment for 1.78 billion Saudi riyal ($474.64 million) and expected a total profit of 1.34 billion riyals in 2019 as a result. Uber Technologies Inc. is set to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based rival Careem Networks FZ as early as this week, according to people with knowledge of … Uber is set to buy its Middle Eastern rival Careem for $3.1 billion, financial news agency Bloomberg reported on Sunday. The $3.1 billion cash-and-stock purchase buys out all external Careem investors, the companies said, and Careem stock will be converted into Uber equity. Careem had … Careem co-founders Mudassir Sheikha, Magnus Olsson and Abdulla Elyas are staying on with Careem following the acquisition, the companies said. A $3.1 billion deal for Careem could cut Uber’s losses in the Middle East. Private investors valued the company at about But Uber’s deal could raise privacy concerns. The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking a nearly 13 percent increase over Uber’s share price in its last financing round, led by SoftBank Group Corp more than a year ago. Reporting by Heather Somerville in San Francisco and Alexander Cornwell and Saeed Azhar in Dubai; additional reporting by Hadeel Al Sayegh; Editing by Leslie Adler, Lisa Shumaker, Keith Weir and Kirsten DonovanSaudi venture fund STV says Uber deal with Careem to help Mideast ride hailing firm growFILE PHOTO: Uber's logo is displayed on a mobile phone, September 14, 2018. Khosrowshahi said in an email to employees that both Uber and Careem would benefit from operating independently.“This framework has the advantage of letting us build new products and try new ideas across not one but two strong brands, with strong operators within each,” Mr. Khosrowshahi wrote. The deal enables Uber to claim dominance in a growing region for ride-hailing outside of the United States. Uber buys Mideast rival Careem for $3.1 billion in its biggest acquisition to date Careem co-founder Abdullah Elyas at the Careem office in Riyadh, Saudi Arabia. Uber Technologies has agreed to buy Careem in a $3.1 billion (Dh11.39bn) deal that will allow the Dubai ride-hailing technology platform to remain independent. The $3.1 billion cash-and-stock purchase buys out all outside Careem investors, the companies said, and Careem stock will be converted into Uber equity. In the final quarter of 2018, the company By taking over its main competition in the Middle East, Uber could cut its losses there. (Nariman El-Mofty / … Both companies will continue to offer rides, but may test certain features on one platform before introducing them on the other.The deal is a break from Uber’s approach in some other regions. The agreement is subject to regulatory approval, including by antitrust officials in the countries where Careem operates, which could prevent the deal from moving forward or compel the companies to modify the terms.
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