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Asharq Al-Awsat

Asharq Al-Awsat

Bloomberg: Uber to Announce Deal to Buy Careem this Week

FILE PHOTO: A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, in London, Britain November 10, 2017. Reuters

Uber Technologies Inc will announce plans to acquire Dubai-based rival Careem Networks FZ as early as this week, Bloomberg reported on Sunday.

Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to $55 per share, according to a term-sheet that Bloomberg said it had seen.

Careem declined to comment while Uber did not immediately respond to a request from Reuters to comment.

Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as $120 billion.

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