From KarenKKwok and Ginachon via Breakingviews: Uber will pay $3 billion to acquire Middle East rival Careem. It shows the group, which is burning through $1 billion a year, can still spend to grow as it prepares to IPO:
An illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign in Frankfurt, September 15, 2014. REUTERS/Kai Pfaffenbach
Uber has been grappling with competition both at home and abroad. In the United States, smaller rival Lyft has gained market share, which now stands at about 30 percent according to Second Measure analysts. Overseas, boss Dara Khosrowshahi has been dealing with challengers by selling out to overseas rivals in exchange for a smaller piece of the action.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Uber gets an IPO boost from Middle East dealThe ride-hailing giant will pay $3 bln to acquire Dubai-based rival Careem. It shows the group, which is burning through $1 bln a year, can still spend to grow as it prepares to go public. Amid intense overseas competition, the move gives Uber one less thing to worry about.
Read more »
Uber drives Middle East mapping push ahead of IPO: sourceUber Technologies Inc is six months into a major mapping project that fills hole...
Read more »
Middle East payments IPO is spiciest in hot sectorNetwork International is planning a London listing that values it at up to $3 bln. A focus on emerging markets, where cash dominates, leaves plenty of room for electronic payments to take off. The risk is tech firms offer Middle Eastern and African shoppers a slicker alternative.
Read more »
Uber will buy Middle Eastern rival Careem in $3.1-billion deal, sources sayUber is set to announce a $3.1-billion cash-and-share deal to acquire its Dubai-based rival Careem Networks as early as this week, according to people with knowledge of the matter.
Read more »
Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle EastGlobal ride-hailing firm Uber Technologies Inc will spend $3.1 billion to acquir...
Read more »
Uber is buying its Middle East rival Careem for $3.1 billionUber is buying Careem, the biggest ride-hailing app in the Middle East.
Read more »
Uber announces $3.1 billion deal to buy Middle East rival CareemThe announcement comes as Uber approaches a much-anticipated IPO that reports have said could value the company at as much as $120 billion.
Read more »
Uber confirms $3.1 billion deal to buy Middle East rival CareemThe announcement comes as Uber approaches a much-anticipated IPO that reports have said could value the firm at as much as $120 billion.
Read more »
Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in the Middle EastUber said it would pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem.
Read more »
Uber acquires Middle East competitor Careem in $3.1B dealCareem became popular across the Middle East after giving passengers an option to pay by cash rather than just credit card.
Read more »