Uber will announce an agreement to buy rival Careem this week

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Uber Technologies will announce plans this week to acquire rival Dubai-based Careem Networks.

According to a terms sheet Bloomberg said it had seen, Uber would pay $ 1.4 billion in cash and $ 1.7 billion in convertible paper at Ober at a price of $ 55 per share.

Careem declined to comment. While Uber has not yet responded to the request for comment, Uber is preparing to launch a first year. The bankers who manage the offering have indicated that the company’s value could reach $ 120 billion.

Uber is expected to publicly file for an IPO in April. Whereas, Careem valued in about $1 billion in a 2018 funding round.