Uber’s $3.1 billion agreement to buy Dubai-based competitor Careem consists of $1.7 billion in convertible notes and $1.4 billion in cash.
Uber has reached a deal to acquire ride-hailing competitor Careem for $3.1 billion, the companies announced Tuesday.
The announcement comes as Uber approaches a much-anticipated initial public offering that reports have said could value the company at as much as $120 billion. It is expected to be one of the biggest tech IPOs in history. He added that the combined company will"deliver exceptional outcomes for riders, drivers, and cities, in this fast-moving part of the world."
In the past, international deals have seen Uber exit big markets like China and Southeast Asia, as homegrown giants ate away at its ride-hailing dominance and it became too costly to operate there.
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