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Uber closes $3.1 billion acquisition of Careem

January 03, 2020

Uber Technologies Inc. (NYSE: UBER) closed its $3.1 billion acquisition of Careem Networks, a human cloud/ride-hailing firm that serves Middle Eastern markets including Egypt, Jordan, Saudi Arabia and the United Arab Emirates.

Careem co-founder and CEO Mudassir Sheikha will continue to lead the business.

Careem ranks as the 19th-largest B2C-focused human cloud firm, according to research by Staffing Industry Analysts. It had 2018 gross spend of $330 million.

“I’m looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership,” Uber CEO Dara Khosrowshahi said. “Working in parallel, our two platforms will be able to build upon the unique strengths of each, to the benefit of drivers, riders, and the cities we serve across the greater Middle East.”

Uber noted the regulatory approval process for the deal is ongoing in Pakistan, Qatar and Morocco, and the deal will not close in those regions until approvals are received.