Uber acquires its competitor ride hailing app Careem

Posted by - March 26, 2019

Uber has announced that it has reached an agreement with Careem to acquire it for $3.1bn, consisting of $1.7bn in convertible notes and $1.4bn in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 of 2020. Uber will acquire all of Careem’s mobility, delivery, and