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Uber buys Mideast rival Careem for $3.1 billion in its biggest acquisition to date

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Uber CEO Dara Khosrowshahi has cut the largest deal of his tenure, buying Middle Eastern ride-hailing competitor Careem Networks FZ for $3.1 billion.

Uber Technologies Inc. Chief Executive Dara Khosrowshahi has cut the largest deal of his tenure, buying Middle Eastern ride-hailing competitor Careem Networks for $3.1 billion.

The acquisition will be Uber’s priciest and will mark the first time the company has bought one of its regional competitors. Uber has sold many international business units, including in China, Southeast Asia and Russia, taking stakes in Didi Chuxing Inc., Grab and Yandex in the process. Another recent major purchase was electric bike company Jump Bikes.

Careem will become a wholly owned subsidiary of Uber. Mudassir Sheikha will remain as Careem’s CEO. Careem will have its own board, with three representatives from Uber and two from Careem. Both companies’ apps will continue to operate under separate brands. Jefferies acted as exclusive financial advisor to Careem on the transaction

"Uber was very good at convincing the management team that [Careem] can run independently post-acquisition," said venture capitalist David Chao, an investor in Careem."I think terms were good and this was a huge victory for Uber."

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If Uber can spend $3.1 BILLION for a company why can’t they pay a living wage to their drivers?

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Uber Buys Careem for $3.1 Billion to Conquer Middle East MarketThe ride-hailing giant on Tuesday said it is acquiring Middle Eastern rival Careem Networks, a deal that ends another cutthroat ride-hailing battle ahead of an expected initial public offering. Capitalism collapses a competitive market as usual and the customer would be the most harmed 😏😏 But when will Uber make a profit
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