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Uber Is in Talks to Acquire Dubai Ride Hailing Firm Careem

  • Deal could value Mideast competitor at more than $2 billion
  • Companies had previously discussed merging Mideast operations
Bloomberg business news
Uber Said to Be in Talks to Acquire Dubai's Careem
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Uber Technologies Inc. is in discussions to buy its Dubai-based rival Careem Networks FZ as the ride-hailing giant expands in the Middle East, people familiar with the matter said.

A deal could value Careem at $2 billion to $2.5 billion, the people said, asking not to be identified because the talks are private. Negotiations are ongoing and Careem’s management is working to convince the firm’s shareholders of the merits of a deal, the people said. No final decisions have been made, and the companies may decide against the transaction, they said.