Uber to acquire its Dubai based rival for $3.1 billion

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An American ride-hailing company Uber is planning to acquire Careem, a Dubai based taxi company and also one of its main competitor in Dubai.

Quoting to the sources Reuters on Monday reported that “Uber is planning offer over $3.1 billion to buy Dubai-based rival Careem Networks FZ.”

“And it is expected to unveiled by early half of this week,” the report added.

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However, it did not mention what will be the mode of transactions.

Whereas citing to the term-sheets, Bloomberg in Sunday article reported that “Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to $55 per share.”

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Krishna Mali
Krishna Mali
Founder & Editor of TechGraph

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