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Uber Finally Buys Its Biggest Middle East Rival Careem And They Are Paying Big Bucks For It

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Careem enjoys huge popularity in the Middle East and now America based giant Uber has just bought its one and only big competitor in the region.

According to the Business Standard, Uber will pay Careem $3.1 for the buyout. $1.4 billion of which will be paid in cash and the rest in convertible notes.

The wait now is just for the regulatory bodies in the countries that Careem operates to give the nod.

The Careem purchase comes at a time when Uber is at a crucial stage of its life with an IPO expected to take place next month.

The purchase of Careem actually came as a surprise to many especially coming from Uber, because Uber has hardly ever taken over a company before. This will be their costliest deal ever.

For users, the good news is that Careem is going nowhere and they will still be able to book a cab through the Careem app.

For Careem’s main investors like the Al Tayyar Group and Saudi Telecom Company, they have lots to celebrate as the company they funded is being a bought at a price that makes it one of the biggest tech buyouts in the Middle East.

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