Uber Technologies is set to acquire Dubai-based rival Careem Networks FZ this week.
According to a report by Arabian Business, Uber Technologies is set to announce a US$3.1bn (AED11.3bn) cash-and-share deal to acquire Careem Networks FZ.
The US ride-hailing giant will pay US $1.4 billion in cash and US $1.7 billion in convertible notes for Careem, the people said, asking not to be identified because the talks are private.
The notes will be convertible into Uber shares at a price equal to US $55 per share, according to the term-sheet seen by Bloomberg.
Shareholders in Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten, have been asked to agree to the terms of the transaction by Monday evening.