Careem to Be Acquired by Uber for $3.1 Billion
On March 26, 2019, Uber and Careem announced that they have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. Wilson Sonsini Goodrich & Rosati is representing Careem in the transaction.
Founded in 2012, Careem is a pioneer in the Middle East's ride-hailing economy. Careem operates in 15 countries in the greater Middle East region, and is expanding services across its platform to include mass transportation, delivery, and payments.
According to a company press release, Uber will acquire all of Careem's mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates. The transaction is expected to close in the first quarter of 2020, subject to applicable regulatory approvals. Upon closing, Careem will become a wholly-owned subsidiary of Uber, preserving its brand.
The WSGR team representing Careem in the transaction includes:
Katherine H. Ku
Catherine Riley Tzipori
Employee Benefits and Compensation:
Privacy and Cybersecurity:
For more information please see Uber's press release.