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.