Uber is all set to acquire Careem for $3.1 billion says, Bloomberg. The deal is likely to be announced on Tuesday. To acquire its Dubai based rival, Uber will be paying $1.4 billion in cash and the balance amount of $1.7 billion in notes convertible to uber shares.
Majority of the Shares in Careem are backed by Saudi Prince Alwaleed bin Talal’s investment firm and the Japanese e-commerce giant Rakuten Inc. Both of the above have been asked to conform to the terms of the deal by Monday and the deal can be declared as presently as Tuesday.
Till now it is a piece of unofficial news as the spokesman from both the companies (Careem and Uber) didn’t release any official news.
Uber’s acquisition of Careem would return prior to its initial public offering(IPO), that can be one of the Newyork Stock Exchange’s biggest-ever listings. Expectedly Uber associate to publically file for an IPO in April, commencing a list that would worth the corporate at the maximum amount as $120 billion.
Talking about Careem it was valued at $1 billion in 2016. No doubt it is the foremost valuable technology startup within Middle-east. The company operates in more than 90 cities of the 15 countries and has over 1 million drivers worldwide.
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