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Uber to Seal $3.1 Billion Deal to Buy Careem This Week

  • Firm to pay $1.4 billion cash, $1.7 billion convertible notes
  • Deal for Mideast rival could be announced as early as Tuesday
Bloomberg business news
Uber May Seal $3.1B Deal to Buy Careem
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Uber Technologies Inc. is set to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based rival Careem Networks FZ as early as this week, according to people with knowledge of the matter.

The U.S. ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, the people said, asking not to identified because the talks are private. The notes will be convertible into Uber shares at a price equal to $55 per share, according to the term-sheet seen by Bloomberg.