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Bloomberg
Uber Technologies Inc. is in advanced discussions to buy Dubai-based Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter.
The companies may announce a cash-and-sh-ares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified because the talks are private. Negotiations are ongoing and no final agreements have been reached, the people said. Representatives for the companies declined to comment.
San Francisco-based Uber is emphasising growth, investing aggressively in food delivery, logistics, electric bikes and self-driving cars, as it prepares for a potential initial public offering this year. Uber and Careem held preliminary talks in July to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry in the region, people familiar with the matter said at the time.