Uber buys its Middle Eastern rival Careem for $3 billion 100 million


American company Uber, which created the taxi service of the same name, announced it had bought its Middle East competitor Careem for $3 billion 100 million. Under the terms of the deal, the American company will pay 1 billion 400 million dollars in cash, and the remaining 1 billion 700 million dollars will be paid in convertible notes. Careem will continue its operation as a subsidiary of Uber. The closing of the deal, which is still subject to regulatory approval, is expected in the first quarter of 2020. At the same time, antitrust regulators in countries where Uber operates may require it to change the terms of the transaction, which may cause the postponement of the planned closing dates.

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