Taxi service Uber Technologies Inc will spend $3,1 billion to acquire competitor Careem, giving it a dominant position in the Middle East ahead of its initial public offering.
The long-awaited deal was preceded by more than nine months of negotiations between the two companies. According to Uber, the payment will be made in cash in the amount of $1,4 billion and convertible promissory notes in the amount of $1,7 billion. As a result, the service will receive full ownership of its competitor.
Uber said the acquisition makes Careem its own subsidiary, while retaining the Careem brand name and app, at least initially.
Source: 3dnews.ru