US ride-hailing service Uber has confirmed it will wholly acquire Careem rival Careem in a cash and convertible notes deal worth $ 2bn , well above Careem 's most recent valuation of $ 2bn . Khosrowshahi CEO Careem told staff in a memo that, post-acquisition, the two companies would continue to operate as separate entities but hinted at possible future integrations. Analysts said the purchase would boost Uber 's initial public offering, scheduled for Q1 2020 , and would allow it to tap into a less tightly regulated market than in the west. The deal is set to close in Q1 2020 .
US ride-hailing service Uber has confirmed it will wholly acquire Middle Eastern rival Careem in a cash and convertible notes deal worth $3.1bn, well above Careem's most recent valuation of $2bn. Uber CEO Dara Khosrowshahi told staff in a memo that, post-acquisition, the two companies would continue to operate as separate entities but hinted at possible future integrations. Analysts said the purchase would boost Uber's initial public offering, scheduled for April, and would allow it to tap into a less tightly regulated market than in the west. The deal is set to close in Q1 2020.