Uber completes acquisition of Careem for $3.1 bln

Taxi-hailing services provider, Uber, confirmed the official close of the previously announced acquisition of Careem for $3.1 billion (SAR 11.6 billion).

With this, Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand, the latter said in a statement. Careem co-founder and CEO Mudassir Sheikha will continue to lead the Careem business, which will report to a board made up of 3 representatives from Uber and 2 from Careem.

Careem and Uber will operate their respective regional services and independent brands, the statement further added.

“Working in parallel, our two platforms will be able to build upon the unique strengths of each, to the benefit of drivers, riders, and the cities we serve across the greater Middle East,” Uber CEO Dara Khosrowshahi said. With the closing of the deal, Uber has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region, with major markets including Egypt, Jordan, Saudi Arabia, and the UAE.

The regulatory approval process in Pakistan, Qatar and Morocco is ongoing and the transaction will not close in these territories until approvals from the legal authorities responsible are obtained.