Thursday, December 8, 2022

Uber will announce an agreement to buy rival Careem this week


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

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.


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