Careem has agreed to an acquisition by Uber in a cash-and-convertible note deal, allowing Rakuten, Al Tayyar, Daimler, STC and Didi Chuxing to exit.
On-demand ride provider Uber yesterday confirmed it has agreed to acquire United Arab Emirates-based ride hailing service Careem for $3.1bn, providing exits for corporates Rakuten, Saudi Telecom, Al Tayyar, Didi Chuxing and Daimler.
The price will consist of $1.4bn in cash and $1.7bn in convertible notes, which will be convertible to Uber stock at a price of $55 per share, people with knowledge of the matter told Bloomberg. Uber expects to file for its initial public offering in the coming…
