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File Photo. Aamir Qureshi—AFP
Uber is set to buy its Middle Eastern rival Careem for $3.1 billion, financial news agency Bloomberg reported on Sunday.
The deal, expected to be announced on Tuesday, will see Uber pay $1.4 billion in cash and the rest in notes convertible to Uber shares, Bloomberg reported, citing people with knowledge of the matter.
It comes as Uber prepares for its initial public offering—expected next month—which could, according to some estimates, see the rideshare giant’s value increase to $100 billion.
Dubai-based Careem boast more than a million drivers and 30 million users across 90 cities.
This will not be good for consumers.