Uber Buys Careem for $3.1 Billion to Conquer Middle East Market

Uber Technologies Inc. on Tuesday said it is acquiring Middle Eastern rival Careem Networks FZ for $3.1 billion, a deal that ends another cutthroat ride-hailing battle ahead of an expected initial public offering.

Buying Dubai-based Careem will enable Uber to pull back from a costly battle over market share and significantly widen its presence in a region of some 400 million, an increasingly young and tech-savvy people who are embracing smartphone apps to manage their lives.

But when will Uber make a profit

Capitalism collapses a competitive market as usual and the customer would be the most harmed 😏😏

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Uber is on the brink of buying rival ride-sharing company Careem for $3.1 billionUber's deal for Careem will reportedly total $3.1 billion — $1.4 billion in cash plus $1.7 billion in convertible notes.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Read CEO Dara Khosrowshahi's email to Uber staff on the Careem acquisition'Today we are taking the next step in this journey — well, it's more like a leap, and a big one: in a few minutes, we'll announce that we've agreed to acquire Careem,' Uber CEO Dara Khosrowshahi told his staff on Tuesday. Now Pakistan 🇵🇰 is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Source: CNBC - 🏆 12. / 72 Read more »