This is the BIGGEST thing to happen since the first news of the possible Uber-Careem merger broke out just six months ago.

But many reports have now confirmed that Uber is set to announce a deal for its Middle East competition Careem for, get this, US$3.1 billion! Bloomberg says that the agreement is due to Uber’s approaching IPO, which could value it at US$120 billion.

The deal, further stated by Bloomberg, is to be a ‘cash-and-share’ deal wherein Uber will pay out $1.4billion in cash and $1.4billion in convertible notes for Careem.

JUST IN: Uber is set to announce a $3.1 billion deal to acquire Dubai-based rival Careem Networks, according to unidentified sources familiar with the matter.

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The deal comes ahead of Uber’s imminent IPO, which could value the company at $120 billion pic.twitter.com/bhnzQNGiPz

— TicToc by Bloomberg (@tictoc) March 24, 2019

Dubai Media office has even reported the deal, although nothing has been set in stone yet

Uber and Careem’s sides have yet to comment on the news, but several reports say that a deal could be announced by Tuesday (that’s TOMORROW!)

Careem’s success reflects global investment-worthiness of #Dubai-based start-upshttps://t.co/Z3atlSNQ16 pic.twitter.com/nKbvZvTOM8

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

This deal is HUUUGE for all Middle Eastern-based companies

Considering Careem was a tech startup just a few years back, it has been quite impressive seeing how far it has come.

The marketing strategies of Careem, working for and by its local community has garnered it immense appreciation from the public and now has more than a million drivers globally.

Let’s see what comes up in the next few days.