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Uber set to announce $3 bln deal with Careem?

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Uber set to announce $3 bln deal with Careem?

Uber set to announce $3 bln deal with Careem?

Uber is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal have told Reuters.

Ciara Lee reports

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Uber set to announce $3 bln deal with Careem?

Uber Technologies is reportedly set to offer over $3 billion to buy Dubai-based rival Careem Networks.

Sources familiar with the deal have told Reuters that Uber's offer could be unveiled this week.

Bloomberg had previously reported that Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which can be changed into Uber shares at a price equal to $55 per share.

Careem has so far declined comment, while Uber did not immediately respond to a request from Reuters to comment.

Uber has been preparing for an IPO, and its bankers have indicated that it could be valued at as much as $120 billion.

The U.S.-based transport firm has been seeking new avenues of growth despite facing severe competition in its core business of ride hailing, from rivals like Lyft.

The IPOs of Lyft and Uber represent a watershed for some of Silicon Valley's top tech startups.

For years they have snubbed the stock market in favour of raising capital privately.




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