Uber to buy Mideast rival Careem for more than $ 3 billion: report – World



[ad_1]

Uber is to buy its closest rival Careem for $ 3.1 billion, a financial press agency Bloomberg Sunday. The same was confirmed by two sources familiar with the work Reuters.

Uber, which is expected to be announced on Tuesday, Uber will pay $ 1.4 billion in cash and the remainder in convertible shares, Bloomberg people who know the subject.

It came when Uber was preparing for its first public offering – expected next month – which, according to some estimates, could increase the value of the driving giant to $ 100 billion.

Careem did not want to comment, while Uber did not immediately respond to the request Reuters comment.

Dubai Careem boasts more than a million drivers and 30 million users in 90 cities.

Uber Technologies Inc., a global logistics and transportation company based in the US, is looking for new growth paths, although it is confronted with serious competition in its core business, originating from competition, such as Lyft Inc.

The Lyft and Uber IPOs are a breakthrough for Silicon Valley technology mills, which have been dealing with the stock market for the benefit of private fund raising for many years, with investors happy to support their sparkling evaluations.

[ad_2]

Source link