Uber Splashes $3.1 Billion in First-Ever Acquisition of Dubai Rival Careem19.2

Ride-sharing business Uber Technologies Inc. is set to ink a $3.1 billion acquisition deal with Careem, a Dubai-based rival. According to the sources cited in a Bloomberg report, the US transport giant will pay $1.4 billion in cash and $1.7 billion in convertible bonds for Careem. The bonds will be exchangeable for Uber shares at a rate of $55 per unit, according to the deal. The acquisition would reach its conclusion following a nod from Japanese e-commerce company Rakuten Inc. and Saudi Prince Alwaleed bin Talal’s investment company – two of the most significant stakeholders in Careem – by Monday

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