Uber is Buying Careem ?
(Reuters): Uber Technologies Inc is in advanced discussions to buy its Dubai-based rival Careem Networks FZ, Bloomberg reported on Thursday, citing people familiar with the matter.
The companies may announce a cash-and-stock transaction that values Careem at about $3 billion (2 billion pounds) in the coming weeks, the report said.
Negotiations are going on and no final decision has been taken, according to the report.
Acquiring a rival would be a departure in strategy for Uber. The company has traditionally used such deals to offload costly overseas operations and take stakes in competitors, as it did in China, Russia and Southeast Asia.
Uber has received estimates from IPO bankers that have pegged its value at up to $120 billion.