No, this is not another rumor.
The global ride-hailing firm Uber Technologies is expected to close the acquisition of its rival Careem in the 1st quarter of 2020 with the transaction consisting of $1.7B in convertible notes, and $1.4B in cash. Uber’s buy-out of Careem is now the largest acquisition of a startup seen in the Middle East so far, with the deal amount surpassing Amazon’s reported $580 million purchase of Souq in 2017.
But fear not, the acquisition makes Careem a wholly owned subsidiary of Uber and will keep the Careem brand and app intact. The co-founders Mudassir Sheikha, Magnus Olsson and Abdulla Elyas are staying on with Careem following the acquisition. However, Careem’s board will be overhauled, with 3 seats going to Uber representatives and 2 belonging to Careem. Sheikha, who is Careem’s CEO, and Olsson will have board seats.
Arabnet has accompanied Careem throughout its journey to this outstanding milestone. Careem’s journey has been a remarkable one in the MENA region witnessing many ground-breaking achievements.
Read More in https://www.arabnet.me/english/editorials/entrepreneurship/careem-acquired-uber
