
Uber Completes Acquisition of Careem - jasimmohdk
https://finance.yahoo.com/news/uber-completes-acquisition-careem-000000975.html
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jasimmohdk
Uber (NYSE: UBER) today confirmed the official close of the previously
announced acquisition of Careem for $3.1 billion. Careem Networks FZ-LLC has
become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-
founder and CEO Mudassir Sheikha will continue to lead the Careem business,
which will report to a board made up of three representatives from Uber and
two representatives from Careem. Careem and Uber will operate their respective
regional services and independent brands.

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 United Arab Emirates.
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.

Uber CEO Dara Khosrowshahi said: "I’m looking forward to seeing even more
innovation from Careem, as they continue to operate independently under their
current leadership. 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."

Careem co-founder and CEO Mudassir Sheikha said: "Today marks the beginning of
a new chapter for Careem. The journey that we started almost a decade ago to
simplify the lives of people in the greater Middle East is far from over.
Joining forces with Uber accelerates that journey as we become the region's
everyday super app. We are excited to take Careem to new heights alongside
Uber, who appreciates the significant regional opportunity, is supportive of
our values and culture, and believes in the purpose that drives us."

Both companies believe this completed acquisition will provide an opportunity
to expand the variety and reliability of services offered through their
applications. Similarly, for drivers and captains, the companies believe an
increase in trip growth and improved services could provide better economic
opportunities as well as more predictable earnings through greater utilization
of drivers’ time on the road.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010
to solve a simple problem: how do you get access to a ride at the touch of a
button? More than 15 billion trips later, we're building products to get
people closer to where they want to be. By changing how people, food, and
things move through cities, Uber is a platform that opens up the world to new
possibilities.

About Careem

Careem is the internet platform for the greater Middle East region. A pioneer
of the region’s ride-hailing economy, Careem is expanding services across its
platform to include mass transportation, delivery and payments to become the
region’s everyday super app. Careem’s mission is to simplify and improve the
lives of people and build an awesome organisation that inspires. Established
in July 2012, Careem operates in 120 cities across 15 countries and has
created more than one million employment opportunities in the region.

View source version on businesswire.com:
[https://www.businesswire.com/news/home/20200102005557/en/](https://www.businesswire.com/news/home/20200102005557/en/)

