Global ride-hailing firm Uber Technologies Inc will spend $3.1 billion to acquir...
SAN FRANCISCO - Global ride-hailing firm Uber Technologies Inc will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering.Uber said late Monday night it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem.
However, Careem’s board will be overhauled, with three seats going to Uber representatives and two belonging to Careem. Sheikha, who is Careem’s CEO, and Olsson will have board seats. An Uber spokesman declined to say whom Uber would appoint to the board. 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.The deal is particularly important for Uber, whose ability to be a competitive global ride-hailing player had come into question after it sold its operations in China, Russia and Southeast Asia to local rivals after sustaining heavy losses.
Uber operates in more than 70 countries, but faces strong rivals in Latin America and India, and tough regulations in Europe. Toward the end of last year, Careem was entertaining interest from investors for another financing round when Uber moved aggressively to buy the company outright, sources said.Careem, founded in 2012, has a larger presence than Uber in the Middle East, North Africa, Pakistan, and Turkey, operating in 98 cities there compared with Uber’s roughly 23 locations.
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