According to Bloomberg, Uber Technologies Inc. is set to officially take over Careem Networks FZ within this week. Bloomberg cites “people who are related to the matter” as the source of these shocking news.
The US-based giant, Uber, will pay $1.4 billion in cash and $1.7 billion in convertible notes for its Dubai-based rival, Careem. And according to Bloomberg, their sources chose to remain anonymous because the talks around the deal are private.
This acquisition will virtually place Uber in the Egyptian market without serious competitors. Back in November, talks of a merger between the two ride-hailing giants surfaced in the midst of warnings by the Egyptian Competition Authority (ECA).
