The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking a nearly 13 per cent increase over Uber’s share price in its last financing round, led by SoftBank Group Corp more than a year ago.The acquisition makes Careem a wholly owned subsidiary of Uber and will keep the Careem brand and app intact, at least initially.
Careem had raised less than $800-million from investors and as of October had a $2-billion valuation. Its backers include German car maker Daimler AG, Chinese ride-hailing company Didi Chuxing, Japanese internet company Rakuten Inc and Saudi investor Kingdom Holding Company. Uber Chief Executive Dara Khosrowshahi in a statement called the deal with Careem “an important moment for Uber.”
Talks between the companies had dragged on since at least last summer, sources told Reuters, although they did not get serious until the end of the year. The companies had for years battled in a competition for drivers and riders that had required discounts and subsidies and pushed prices artificially low.
“An Uber-Careem merger underscores the huge potential of car-hailing in the Middle East,” said Sam Blatteis, CEO at the MENA Catalysts, a Middle East public policy advisory and research firm.
Source: News Formal (newsformal.com)
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