Upon the agreement, Uber will pay Careem $1.4 billion in cash and another $1.7 in shares once the deal is finalized, according to statements released by both companies. Both riding-hail apps are waiting for legal approval from the 15 countries to which Careem has expanded during recent years. Careem’s past value of US$1 billion was formerly the greatest among all Middle East technology startups, according to Bloomberg. The business news agency also acknowledged that Uber has been seeking deals aimed at strengthening its ties to the Middle East. Moreover, if the share prices reach more than the $55 price agreed upon in the deal, Careem will have “a large potential upside value,” according to Bloomberg.

Source: Egypt Independent March 27, 2019 12:56 UTC