Uber is buying its Middle East rival Careem for $3.1 billion
26 March 2019 12:00 AM IST
Uber is buying Careem, the biggest ride-hailing app in the Middle East.
- Uber is gearing up for an initial public offering that's expected to take place later this year.
- It's reportedly seeking a valuation of as much as $120 billion.
- The deal represents the biggest tech deal in the Middle East and second takeover of a Dubai unicorn after Amazon ( AMZN ) bought e-commerce startup Souq in 2017.
- The acquisition of Careem is pending regulatory approval and is expected to conclude in the first quarter of 2020.
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