Mar 26, 2019

Uber buys Middle Eastern rival Careem for $3.1bn

Ride-hailing firm Uber will buy its Middle Eastern rival Careem for $3.1bn, the company said in a statement. The US firm will acquire Careem's mobility, delivery and payments businesses across the Middle East. Careem will become a wholly-owned subsidiary of Uber, and will operate as an independent company. Careem co-founder and chief executive Mudassir Sheikha will lead the Careem business, upon closing. "This is an important moment for Uber as we continue to expand the strength of our platform around the world," Uber Chief Executive Dara Khosrowshahi said in a statement.

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