The rumours weren't rumours after all...
After weeks of ‘will they, won’t they, surely they can’t’, Uber has announced the purchase of Dubai-based ride-hailing app rival Careem in a deal worth a whopping $3.1 billion, adding that both brands will continue to operate separately.
The acquisition consists of $1.4 billion in cash and $1.7 billion in convertible notes, but the deal is still subject to regulatory approval
In a statement on Tuesday, the companies hailed the agreement as biggest ever technology industry transaction in the Middle East, with the announcement coming ahead of Uber's initial public offering, which is said will value the company at $120 billion - one of the biggest tech IPOs in history.
Founded in 2012, Careem has, according to the company, 30 million registered users in 120 cities across MENA and South Asia.