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Uber Is in Talks to Acquire Dubai Ride Hailing Firm Careem [Bloomberg]

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1202 Rider Driver Guru
 Posted 4 years, 2 months ago

This rumor has been around for a few weeks, but it sounds like it's getting very serious.  

In case you are not familiar, Careem is an established rideshare company primarily in the Middleeast with its polished app and a large network.  They have been competing with Uber for a few years now.

"Uber Technologies Inc. is in discussions to buy its Dubai-based rival Careem Networks FZ as the ride-hailing giant expands in the Middle East, people familiar with the matter said.

A deal could value Careem at $2 billion to $2.5 billion, the people said, asking not to be identified because the talks are private. Negotiations are ongoing and Careem’s management is working to convince the firm’s shareholders of the merits of a deal, the people said. No final decisions have been made, and the companies may decide against the transaction, they said.

“We believe the consumer internet opportunity in the region is massive and untapped,” Careem said in an emailed statement. “In the last couple of years, the rest of the world has begun to embrace this opportunity and we have been approached by multiple strategic and financial investors. Our ambition remains to build a lasting tech institution from the region.”

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