Uber Completes Acquisition of Careem for $3.1 Billion
Uber confirmed on Friday, that it has officially completed the acquisition of Careem, which was previously announced for $ 31 billion.
Under the deal, Careem Networks is now a company wholly owned by Uber, but it will maintain its commercial name, and one of Careem's founders and CEO Muddathir Sheikha will continue to lead Careem's business under the supervision of a board of three members representing Uber and two representatives from Careem, and both Uber and Careem will operate their services. Regional and their trade names independently
With the completion of the deal, Uber acquires the business of Careem in the field of transport, delivery and payment throughout the broader Middle East region, which includes major markets including Egypt, Jordan, Saudi Arabia and the United Arab Emirates.
The procedures for obtaining approval for the acquisition in Pakistan, Qatar and Morocco are still ongoing and the transaction will not be completed in these markets at the present time until the approvals are obtained from the responsible legal authorities.
I look forward to seeing more innovation from Careem as they continue to work independently under their current leadership and by working in parallel, each of our platforms will be able to take advantage of the unique features of each of them to benefit drivers, passengers and the cities we serve in an area, '' said Dara Khusrochai, CEO of Uber. in The Middle East ”
Mudassir Sheikha, co-founder and CEO of Careem, said:
Both companies believe that the completion of this acquisition will provide an opportunity to expand the diversity and reliability of the services available through their applications. With regard to drivers and cabin partners, both companies are confident that increased flight growth and improved services are matters that will provide better economic opportunities and enhance the ability to anticipate the rate of profits through Better use of drivers driving time
Under the deal, Careem Networks is now a company wholly owned by Uber, but it will maintain its commercial name, and one of Careem's founders and CEO Muddathir Sheikha will continue to lead Careem's business under the supervision of a board of three members representing Uber and two representatives from Careem, and both Uber and Careem will operate their services. Regional and their trade names independently
With the completion of the deal, Uber acquires the business of Careem in the field of transport, delivery and payment throughout the broader Middle East region, which includes major markets including Egypt, Jordan, Saudi Arabia and the United Arab Emirates.
The procedures for obtaining approval for the acquisition in Pakistan, Qatar and Morocco are still ongoing and the transaction will not be completed in these markets at the present time until the approvals are obtained from the responsible legal authorities.
I look forward to seeing more innovation from Careem as they continue to work independently under their current leadership and by working in parallel, each of our platforms will be able to take advantage of the unique features of each of them to benefit drivers, passengers and the cities we serve in an area, '' said Dara Khusrochai, CEO of Uber. in The Middle East ”
Mudassir Sheikha, co-founder and CEO of Careem, said:
“Today marks the beginning of a new phase for Careem and the journey that we started nearly a decade ago to simplify the lives of people in the broader Middle East is still ongoing and joining our efforts to Uber’s efforts will contribute faster to our goal of To become the comprehensive application of daily needs in the region we are excited to take Careem to new heights in cooperation with Uber the company that understands the important regional opportunity in addition to supporting our values, culture and participation, the goal that drives us. ”
Both companies believe that the completion of this acquisition will provide an opportunity to expand the diversity and reliability of the services available through their applications. With regard to drivers and cabin partners, both companies are confident that increased flight growth and improved services are matters that will provide better economic opportunities and enhance the ability to anticipate the rate of profits through Better use of drivers driving time
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