Uber, Careem in Talks to Merge Middle East Operations
According to sources, who declined to be named because the talks are private, the companies have discussed numerous potential deal structures, but haven’t come to a final agreement.
Careem is in talks with investors and banks to raise $500 million for its own IPO, which could be as soon as January.
Photo via Zizolo0ol/Wikimedia.
Uber and Dubai-based Careem are in preliminary talks to merge their Middle Eastern ride-hailing services, Bloomberg reports.
According to sources, who declined to be named because the talks are private, the companies have discussed numerous potential deal structures, but haven’t come to a final agreement. One of Uber’s stipulations is that is must own more than half of the combined group.
However, Bloomberg reports that the ongoing discussion might not result in a deal.
Uber is currently gearing up for its initial public offering (IPO) in 2019. Careem is also in talks with investors and banks to raise $500 million for its own IPO, which could be as soon as January.
Related: Grab Acquires Uber's Southeast Asia Operations
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