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Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

Updated : March 26, 2019 02:30 PM IST

Uber said late on Monday night it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem.
The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking a nearly 13 percent increase over Uber's share price in its last financing round, led by SoftBank Group Corp more than a year ago.
The deal is particularly important for Uber, whose ability to be a competitive global ride-hailing player had come into question after it sold its operations in China, Russia and Southeast Asia to local rivals after sustaining heavy losses.
Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

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