{"id":13294,"date":"2019-03-25T06:15:01","date_gmt":"2019-03-25T06:15:01","guid":{"rendered":""},"modified":"2019-03-25T06:15:01","modified_gmt":"2019-03-25T06:15:01","slug":"uber-is-set-to-buy-out-careem-for-more-than-us3-billion-dollars","status":"publish","type":"post","link":"https:\/\/lovin.co\/dubai\/en\/news\/uber-is-set-to-buy-out-careem-for-more-than-us3-billion-dollars\/","title":{"rendered":"This Is HUGE: Uber Is Set To Buy Out Careem For More Than US3 Billion Dollars"},"content":{"rendered":"
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This is the BIGGEST thing to happen since the first news of the possible Uber-Careem merger<\/a> broke out just six months ago.<\/p>\n

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<\/a> says that the agreement is due to Uber’s approaching IPO, which could value it at US$120 billion.<\/p>\n

The deal, further stated by Bloomberg<\/a>, 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.<\/p>\n

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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.<\/p>\n

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

\u2014 TicToc by Bloomberg (@tictoc) March 24, 2019<\/a>\n<\/p><\/blockquote>\n

Dubai Media office has even reported the deal, although nothing has been set in stone yet<\/h3>\n

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!)<\/p>\n

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Careem\u2019s success reflects global investment-worthiness of #Dubai<\/a>-based start-upshttps:\/\/t.co\/Z3atlSNQ16<\/a> pic.twitter.com\/nKbvZvTOM8<\/a><\/p>\n

\u2014 Dubai Media Office (@DXBMediaOffice) March 24, 2019<\/a>\n<\/p><\/blockquote>\n

This deal is HUUUGE for all Middle Eastern-based companies<\/h3>\n

Considering Careem was a tech startup just a few years back, it has been quite impressive seeing how far it has come.<\/p>\n

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.<\/p>\n

Let’s see what comes up in the next few days.<\/p>\n

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