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Uber buys Middle East rival Careem for $3.1bn

Uber buys Middle East rival Careem for $3.1bn

Publicerat av Tony Harkén torsdag, 28 mars 2019.

Global ride-hailing company says Careem will keep its brand as wholly-owned subsidiary of Uber.

Global ride-hailing service provider Uber has acquired its Middle East competitor Careem for $3.1bn, making it the largest-ever technology purchase in the region.

Uber said in a statement on Tuesday that the $3.1bn purchase consists of $1.7bn in convertible notes and $1.4bn in cash. Under the deal, Careem will keep its brand as a wholly-owned subsidiary of Uber, operating as an independent company led by its original founders.

Read more at - Uber buys Middle East rival Careem for $3.1bn

Publicerat av

Tony Harkén

dubai

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