Uber is in advanced talks to acquire Careem, Bloomberg reported today, citing unnamed sources familiar with the matter. The deal according to Bloomberg, could be a cash-and-shares transaction that values Careem at about $3 billion. The report by Bloomberg citing sources said that the two companies may announce the deal in coming few weeks.
The report these advanced talks comes at a time when Uber is preparing to go public.
We had last heard about Careem-Uber talks for a possible acquisition/merger about five months ago when Bloomberg reported the companies are still discussing a deal that could value Careem between $2 to $2.5 billion.
A month after that report came out, Careem announced that it has successfully raised $200 million in fresh funds from existing and new investors at a reported valuation of over $2 billion.
Around the same time, Careem’s co-founder Magnus Olsson had hinted that the Dubai-based ride-hailing company would continue to remain independent.
“There is very strong interest in Careem from both East and West. The reason we started Careem and the reason we continue doing what we’re doing, is to simplify the lives of people in the region, do something meaningful and build an awesome organization that inspires. If you’re going to keep inspiring, you have to stay independent,” he had said at TechCrunch Battlefield MENA in Beirut.
Last month, Talal bin Ibrahim Al Maiman, CEO of Alwaleed bin Talal’s Kingdom Holding, that happens to be one of the biggest investors in Careem, had said that they will be supportive of a merger if it even happens.
H/T: Abdelrahman Osama
Latest posts by Zubair Naeem Paracha (see all)
- Egypt’s XPay raises $250,000 pre-seed to enable universities, residential compounds and other communities go cashless - May 17, 2019
- Saudi’s Resal raises $800,000 Pre-Series A for its gifting ecommerce platform - May 16, 2019
- Dubai’s Majid Al Futtaim has acquired Saudi grocery delivery platform Wadi.com - May 16, 2019