Uber-Backed Moove Raising $1.2 Billion in Debt for Expansion

African ride-hailing startup Moove is close to raising $1.2 billion in a debt round that will help it finance a rollout of an autonomous-driving fleet with Alphabet Inc.’s Waymo and expand in the US, people familiar with the matter said.

The round is oversubscribed, with interest from private credit firms and banks, and will be finalized in the coming weeks, said the people, who asked not to be identified because the information is still private.