Uber set to buy Careem in $3.1 billion deal

US ride-hailing giant Uber is set to announce a $3.1 billion (AED 11 billion) cash-and-share deal to acquire its Dubai-based rival Careem on Tuesday.

According to Bloomberg, Uber will be paying $1.4 billion in cash and $1.7 billion in convertibles. 

It indicated that the deal could be signed as early as Monday and announced by Tuesday.

Careem, which currently has over 30 million users throughout the Middle East, North Africa, and South Asia, was valued at roughly $2 billion in 2018. 

Careem Networks FZ was established in 2012 at the #Dubai Internet City, since then it has expanded to serve 90 cities and created over one million employment opportunities. The Uber-Careem expected deal will be the largest tech-based investment in the region. pic.twitter.com/OXDv2KxVoM

— Dubai Media Office (@DXBMediaOffice) March 24, 2019