Uber in Preliminary Talks to Buy Careem

Careem & Uber are in Talks to merge their ride healing services in the Middle East. It means both the competitors will soon merge together to provide better services than before. Bloomberg announced Careem & Uber merger in a report and told that both companies have discussed some potential deal structures, but they haven’t come to an agreement.

Careem & Uber- When the Merger will Take Place

According to Bloomberg, Uber current leaders will manage the new combined business while keeping one or both of the company’s local brands. According to the report, maybe Uber will acquire the ride-hailing app as a complete agreement.

According to the report, the companies may announce a cash-and-stock transaction that values Careem at about $3 billion in the coming weeks.

While discussing it with Careem, Uber said that it wants to own more than half of the combined company, if it does not acquire Careem as a whole company.

Careem spokeswoman Maha Abouelenein:

“Our ambition is to build a lasting institution for the region and that means focusing on growth into new markets and doubling down on our existing cities to open our platform up to new products and services. We are only getting started”

Right now Uber has not responded to all these rumours.

Careem operates in more than 70 cities across at least 10 countries from North Africa to Pakistan and is a leader in most of them. Its biggest market is Saudi Arabia, where Uber has been pushing plans to sign up female drivers to take advantage of the kingdom’s decision to overturn a ban on women behind the wheel.

Fizza Atique

Fizza Atique is a Tech writer specializing in the intersection of tech and culture. She likes photography, VR, electronic music, coffee, and baking.

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