Uber May Announce $3 Billion Deal With Careem This Week: Report

Uber May Announce $3 Billion Deal With Careem This Week: Report
Advertisement

Uber Technologies is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters.

Uber's offer could be unveiled during the early part of this week, a third source added.

Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to $55 per share, Bloomberg had earlier reported, citing a term-sheet.

Careem declined comment while Uber did not immediately respond to a request from Reuters to comment.

Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as $120 billion.

The US-based global logistics and transportation company has been seeking new avenues of growth even as it faces severe competition in its core business of ride-hailing from rivals like Lyft.

The IPOs of Lyft and Uber represent a watershed for Silicon Valley's technology unicorns, which for years have snubbed the stock market in favor of raising capital privately, with investors happy to back their frothy valuations.

© Thomson Reuters 2019

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Uber, Careem
Vivo V15 India Pre-Orders Start: Price, Specifications, and More
Ola Cabs Back on Roads in Karnataka, Two Days After Ban Order
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »