Daily Management Review

Uber buys Middle Eastern Careem Networks for $ 3.1B


US Uber, an American taxi and food delivery service, closed a deal to buy Middle Eastern rival Careem Networks for $ 3.1 bln.

Núcleo Editorial via flickr
Núcleo Editorial via flickr
Careem Networks has become a 100% division of Uber, while maintaining its brand. The business will be headed by Mudassir Sheikha, Careem Networks co-founder and CEO. 

The new Uber division will receive its own board of directors, consisting of three representatives of Uber and two representatives of Careem Networks. 

Careem Networks operates in the Middle East, including Egypt, Jordan, Saudi Arabia and the UAE. 

Meanwhile, approval of the transaction by regulatory authorities of Pakistan, Morocco and Quatar continues as the transaction in these countries has not yet been completed. 

Uber's acquisition of Careem Networks has become the largest transaction in the industry in the Middle East.

source: reuters.com