Uber acquires rival Careem for USD 3.1 billion

Uber will acquire all of Careen’s mobility, delivery and payments businesses across the greater Middle East region.

Uber has confirmed that it is acquiring its Middle East rival Careem in a deal worth USD 3.1 billion.

Careem was founded in 2012 as a ride-hailing service. Over the years, it expanded its services to include food and package delivery, bus services, and credit transfers, TechCrunch reported.

Uber said that the deal is expected to close in Q1 2020, subject to applicable regulatory approvals.

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