Uber Technologies Inc Add to portfolio

Uber acquires Mideast competitor Careem for $3.1B. Originally published March 26, 2019 at 12:18 am Updated March 26, 2019 at 12:36 am. DUBAI, United Arab Emirates (AP) — Ride-hailing service Uber announced on Tuesday it has acquired its Mideast competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region. Uber said in a prepared statement that the $3.1 billion purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. “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 startups in the region,” Khosrowshahi said.

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Uber acquires Mideast competitor Careem for $3.1B. Originally published March 26, 2019 at 12:18 am Updated March 26, 2019 at 12:36 am. DUBAI, United Arab Emirates (AP) — Ride-hailing service Uber announced on Tuesday it has acquired its Mideast competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region. Uber said in a prepared statement that the $3.1 billion purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. “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 startups in the region,” Khosrowshahi said.

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SAN FRANCISCO (Reuters) - Global ride-hailing firm Uber Technologies Inc will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering. Uber said late Monday night it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem. Careem co-founders Mudassir Sheikha, Magnus Olsson and Abdulla Elyas are staying on with Careem following the acquisition, the companies said. However, Careem's board will be overhauled, with three seats going to Uber representatives and two belonging to Careem. The deal is expected to close in the first quarter of 2020, the companies said, meaning it will not be reflected in Uber's first couple of quarterly earnings releases as a public company, although it will likely be disclosed in a public IPO filing.

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BENGALURU - Uber Technologies Inc is six months into a major mapping project that fills holes in its coverage of Middle Eastern cities ahead of a possible takeover of regional rival Careem Networks and this year's hotly anticipated initial public offering, according to a source with knowledge of the project. A team of 28 engineers and other staff, working for Indian tech sector outsourcer Wipro, are on the verge of completing detailed mapping of businesses and public buildings in Saudi Arabian cities and have been asked to accelerate work as the company eyes a stock market launch in April, the source said. The costly and time-consuming exercise is vital to moves to scale up in what has become a crucial market for Uber, with the takeover of Dubai-based Careem and progress there a litmus test of Uber's global ambitions after ceding other Asian countries to local competitors. Careem, which operates in the Middle East, Africa and southern Asia, had said previously it was 45,000 miles into mapping the region, saying that shortfalls in Google Maps in the Middle East coverage had forced it to spend on the project.

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DUBAI, United Arab Emirates (AP) — Ride-hailing service Uber announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large young, tech-savvy population. Uber said the $3.1 billion purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. It marks the largest technology transaction in the Middle East — outside of Israel — and propels the Dubai-based firm to legendary status among the region's budding tech startup scene. Careem's CEO Mudassir Sheikha described the deal as a "milestone" for the company and for budding entrepreneurs in the region. As part of the deal, he will lead Careem's business under Uber and report to a board made up of three representatives from Uber and two from Careem.

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Uber acquires Mideast competitor Careem for $3.1 billionPosted: Updated:. DUBAI, United Arab Emirates (AP) - Ride-hailing service Uber announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large young, tech-savvy population. It marks the largest technology transaction in the Middle East - outside of Israel - and propels the Dubai-based firm to legendary status among the region's budding tech startup scene. Careem's CEO Mudassir Sheikha described the deal as a "milestone" for the company and for budding entrepreneurs in the region. As part of the deal, he will lead Careem's business under Uber and report to a board made up of three representatives from Uber and two from Careem.

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InvestorPlaceMarch 25, 2019, 8:38 PM GMT. When it comes to the Uber and Lyft IPOs, I’m sure the financial media will be full of talking heads with opinions on both. Uber is set on developing its own self-driving technology that it will use in its fleet of vehicles. As a matter of fact, the company is close to accepting a $1 billion investment from Toyota Motor (NYSE:TM) and its largest shareholder, Japanese telecom business SoftBank Group (OTCMKTS:SFTBY). The huge infusion of cash would be put to work in Uber’s autonomous vehicles unit (which is currently losing money). Assuming Uber continues along that path, Lyft will likely be first in bringing an AV ride-hailing service to market. CEO Kyle Vogt has also said he is open to working with other companies “if that’s the best way to release this technology and achieve the societal benefits of driverless cars sooner.” Considering General Motors’ ownership stake in Lyft, that seems like a very logical possibility.

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BENGALURU (Reuters) - Uber Technologies Inc is six months into a major mapping project that fills holes in its coverage of Middle Eastern cities ahead of a possible takeover of regional rival Careem Networks and this year's hotly anticipated initial public offering, according to a source with knowledge of the project. A team of 28 engineers and other staff, working for Indian tech sector outsourcer Wipro, are on the verge of completing detailed mapping of businesses and public buildings in Saudi Arabian cities and have been asked to accelerate work as the company eyes a stock market launch in April, the source said. The costly and time-consuming exercise is vital to moves to scale up in what has become a crucial market for Uber, with the takeover of Dubai-based Careem and progress there a litmus test of Uber's global ambitions after ceding other Asian countries to local competitors. Careem, which operates in the Middle East, Africa and southern Asia, had said previously it was 45,000 miles into mapping the region, saying that shortfalls in Google Maps in the Middle East coverage had forced it to spend on the project. Normally Uber uses a mix of mapping resources, relying heavily on Google Maps and augmenting its knowledge of streets and pickup points using its own mapping cars and equipment carried by Uber drivers in their vehicles.

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DUBAI (Reuters) - Uber Technologies Inc is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters, in a deal that will strengthen its operations in the Middle East. The deal, which a third source said could be unveiled during the early part of this week, comes ahead of Uber's planned initial public offering that may value the firm at $120 billion. Careem, founded in 2012, has a larger presence in the Middle East, North Africa, Pakistan, and Turkey operating in 98 cities there compared to Uber's roughly 23 locations. Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to $55 per share, Bloomberg bloom.bg/2OqVtpm had earlier reported, citing a term-sheet.

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