Being hailed as the biggest deal, as far as middle-east in concerned, Uber and Careem once rival companies have joined hands to provide ride-hailing services to people across the continents including Pakistan as well.
Two days back, Uber bought Careem in a record US $3.1 billion deal. As per the reports, this new deal will make almost 275 of Careem employees millionaires of which around 200 will become Dirham millionaires whilst 75 will become Dollar millionaires. Note here that the deal has been made, however, Q1 of next year will complete the transaction. As part of the deal, Uber will purchase all stocks of the Careem.
The interesting thing is that not only the executives and the operational team will make a hefty sum out of this deal but people who have been with the company from its early days as well as who served the company for a long time, however, left it but purchased the stocks. The only people who will not gain anything from this deal is Careem captains.
Uber will give $1.4 billion in cash while the remaining sum in the form of convertible notes for the Careem which are stock each worth $55. Experts are hailing this deal as one of the biggest deals in the middle-east region.
Careem has already notified the people about this transaction, read the company’s post below:
“We have reached an agreement in which Uber will acquire Careem for $3.1 billion. Careem will become a wholly owned subsidiary of Uber, operating independently with its own brand and services. Careem will retain the name, app, branding and everything you love about us – we’re here for you.”
The Dubai-based ride-hailing service, Careem, founded back in 2012, is operating over 100 cities around the globe serving millions of people every year.
Uber is evolving the way the world moves through its app. By seamlessly connecting riders to drivers at the push of a button, we make cities more accessible, opening up more possibilities for riders and more business for our partner drivers and transport operators. Uber’s rapidly expanding global presence continues to bring people and their cities closer and is currently providing service in more than 600 cities across 77 countries on six continents.
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