It’s Confirmed Uber Is Officially Acquiring Careem

Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in 2020.

Uber will acquire all of Careem’s mobility, delivery, and payments businesses across the Middle East region, which include major markets like Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.