Uber Acquires Controlling Stake in UAE's Careem From E& in $100 Million Deal

Uber acquires controlling stake in UAE's Careem from e& in $100 million deal

Telecom e& sells controlling stake in ride-share company that transitioned into 'everything app'

e& Sells 12.5% Careem Stake to Uber for USD 100 Million While Retaining Strategic Ownership

Deal reduces e& ownership to 37.53% while strengthening Uber’s position in Careem Emirates Telecommunications Group Company PJSC (e&) has signed a binding agreement with Uber Technologies to sell a 12.5% stake in Careem Technologies for $100 million in cash. The transaction represents part of e&’s existing 50.03% holding in Careem Technologies. Following completion, e& will retain a 37.53% ownership stake in the company. The deal remains subject…

Uber to deliver e& $100M for Careem stake

UAE operator e& struck a deal with Uber to sell 12.5% of its stake in digital platform provider Careem Technologies for $100 million, leaving it with a 37.5% shareholding which the taxi app giant has an option to acquire the rest of. Careem Technologies builds and operates its namesake app and related services. The app is used for various consumer services including food and grocery delivery, payment and other lifestyle services.    The deal is …

e& Sells 12.5% Stake in Careem to Uber for US$100 Million

e& has signed a binding agreement to sell a 12.5% stake in Careem Technologies to Uber for US$100 million in cash. The transaction will reduce the telecommunications group’s holding in the Middle Eastern superapp from 50.03% to 37.53%. e& Group Chief Financial Officer, Karim Bennis, said: Karim Bennis “The transaction aligns with our strategy to focus on our core businesses while maintaining exposure to Careem Technologies’ growth trajectory.” C…

UAE's e& sells 12.5% stake in Careem to Uber for $100 million

Emirates Telecommunications Group (e&) has divested a 12.5 per cent stake in Careem Technologies to Uber Technologies for $100 million (Dh367 million) in cash, reducing its holding in the super-app platform from 50.03 per cent to 37.53 per cent. The deal, announced on the Abu Dhabi Securities Exchange where e& is listed, also establishes a future exit pathway for the telecom giant. e& holds a put option to require Uber to buy its remaining share…