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  1. #1
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    Uber to seal $3.1 billion deal to buy Careem this week

    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.

    Shareholders in Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten Inc., have been asked to agree to the terms of the transaction by Monday evening and a deal could be announced as soon as Tuesday, the people said.

    Uber spokesman Matt Kallman declined to comment while a spokesman for Careem wasn’t immediately able to comment.

    Uber’s acquisition of Careem would come ahead of its imminent initial public offering, which could be one of the New York Stock Exchange’s biggest-ever listings. Uber is expected to publicly file for an IPO in April, kicking off a listing that could value the company at as much as $120 billion, people familiar with the plans have said previously.


    Mideast Startup

    Careem was valued at about $1 billion in a 2016 funding round, making it one of the most valuable technology startups in the Middle East. The company has over a million drivers and operates in more than 90 cities in 15 countries, according to its website.

    For Uber, a deal would signal its commitment to the Middle East, where one of its biggest investors -- a Saudi Arabian sovereign wealth fund -- is based.

    The acquisition would also be a departure in strategy for Uber, which has used such deals to offload costly overseas operations in exchange for stakes in competitors in the past.

    https://www.bloomberg.com/news/artic...reem-this-week


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  2. #2
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    This is bad news for Pak because we only have Uber and Careem.


    Careem is absolutely demolishing Uber in the Pakistani market and I've only used it whenever I've been in Pak. Now there will be Uber monopoly.

  3. #3
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    Quote Originally Posted by Syed1 View Post
    This is bad news for Pak because we only have Uber and Careem.


    Careem is absolutely demolishing Uber in the Pakistani market and I've only used it whenever I've been in Pak. Now there will be Uber monopoly.
    This was eventually going to happen sooner or later. Uber is a giant that started the whole ‘shared economy’ thing and they will absorb the biggest players in all lines of business.

  4. #4
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    Bad news for customers in Pakistan. In India we have both Uber and Ola.

  5. #5
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    Bad news for the customer.

    Uber's lobbyists attack the competition by bribing the politicians/lawmakers. And if a business survives that; Uber buys it.

    Once Uber has monopoly over the market with high entry barriers; Uber will raise the price of services.

    Uber is the nastiest version of a capitalist giant.

  6. #6
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    Quote Originally Posted by Syed1 View Post
    This is bad news for Pak because we only have Uber and Careem.


    Careem is absolutely demolishing Uber in the Pakistani market and I've only used it whenever I've been in Pak. Now there will be Uber monopoly.
    I use whichever one is offering more discounts

    Standard fares, Careem is better. They have higher standards as well, Uber has some really run-down cars specially in the Uber mini category.


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  7. #7
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  8. #8
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    Quote Originally Posted by WhenSultansBowled View Post
    Bad news for the customer.

    Uber's lobbyists attack the competition by bribing the politicians/lawmakers. And if a business survives that; Uber buys it.

    Once Uber has monopoly over the market with high entry barriers; Uber will raise the price of services.

    Uber is the nastiest version of a capitalist giant.
    Uber drivers make peanuts in most markets.

  9. #9
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    Quote Originally Posted by Abdullah719 View Post

    Not a problem. He can re-invest this money for something else or something similar.

  10. #10
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  11. #11
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    Quote Originally Posted by Abdullah719 View Post

    Typical corporate jargon **

  12. #12
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    Lol @ we will operate independently.

    What a joke!


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