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Uber buys Mideast ride-share rival Careem
Ride-hailing service Uber announced it has acquired its Middle Eastern competitor Careem for $US3.1 billion ($A4.3 billion), making it the largest-ever technology purchase in the region.
The purchase consists of $US1.7 billion in convertible notes and $US1.4 billion in cash. Under the deal, Careem will keep its brand as a wholly-owned subsidiary of Uber, operating as an independent company led by its original founders.
The Dubai-based Careem is among the Middle East's most successful start-ups, quickly becoming popular particularly in countries like Egypt and Pakistan.
Careem's success is partly because it introduced the option for passengers to pay with cash. It also launched in the region in 2012, three years before Uber.
Uber chief executive Dara Khosrowshahi said the deal expands the US-based company's strength around the world.
"With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful start-ups in the region," Khosrowshahi said.
Careem's chief executive and co-founder Mudassir Sheikha described the deal as a "milestone" for the company and for budding entrepreneurs in the region, as well as local and global investors.
Sheikha will lead Careem's business under Uber and report to a board of three Uber representatives and two from Careem.
Saudi-based Kingdom Holding, one of Careem's early investors, said the acquisition is an opportunity for both companies to expand and benefit from the region's rapid growth.
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