Uber announced Monday that it will spend $3.1 billion to buy Middle East ride-hailing group Careem, Reuters reports.
The San Francisco-based ride-hailing firm will pay $1.4 billion cash and $1.7 billion in convertible notes, which will be converted into shares at $55 a piece. The transaction will see Uber having full ownership of Careem.
The Careem brand and app will remain the same, and the Careem co-founders will stay on with the company.
The deal is expected to close in the Q1 2020.