Uber reportedly in ‘advanced discussions’ to buy rival Careem

In a turn of events, it has been reported that ride-hailing company Uber is currently in ‘advanced discussions’ to but its rival Careem.

A new report by Bloomberg quoted people familiar with the matter, suggesting that San Francisco-based Uber Technologies Inc. is in advanced discussions to buy its Dubai-based rival Careem Networks FZ.

Within coming weeks, the ride-hailing companies might soon announce a cash-and-shares transaction that values Careem at about $3 billion, which is higher than the firm’s latest valuation of about $2 billion in private fundraising.

Though there are still no final agreements made, but negotiations have been ongoing between the two. However, both Uber and Careem declined to issue a comment regarding the report, reported Business Insider.

Moreover, apart from providing ride-hailing services, Uber also invests in food delivery, electric bikes, self-driving cars and logistics, and might now be looking forward to expand its business in the Middle East. Careem, on the other hand, is one of the most valuable startups on the Middle East. It has over a million drivers and operates in over 100 cities in the Middle East.