Uber to acquire its Dubai based rival for $3.1 billion

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.

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.”