{"id":602412,"date":"2019-03-27T03:55:51","date_gmt":"2019-03-27T03:55:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/27\/uber-careem-sign-agreement-to-proceed-with-acquisition\/"},"modified":"2019-03-27T03:55:51","modified_gmt":"2019-03-27T03:55:51","slug":"uber-careem-sign-agreement-to-proceed-with-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/27\/uber-careem-sign-agreement-to-proceed-with-acquisition\/","title":{"rendered":"Uber, Careem sign agreement to proceed with acquisition"},"content":{"rendered":"

<\/a> M&A WATCH- Uber is acquiring Careem in a USD 3.1 bn transaction, making Careem the MENA region\u2019s most valuable \u2018unicorn\u2019 ever:<\/b> Ride-hailing companies Uber and Careem have reached an agreement that will see Uber acquire its regional rival for USD 3.1 bn, a joint statement said (pdf)<\/a>. The transaction is expected to close in 1Q2020, subject to regulatory approvals. If it goes through, the acquisition would consist of USD 1.7 bn of convertible notes and USD 1.4 bn in cash. Uber is poised to acquire Careem\u2019s core mobility, delivery (Careem Now) and payment (Careem Pay) businesses in all countries where Careem operates.<\/p>\n

So, what does the ride-sharing landscape look like post-transaction? <\/b>Uber and Careem will operate as separate brands (for now) even as Careem becomes a wholly-owned subsidiary of Uber. The Dubai-based firm will continue to be led by co-founder and CEO Mudassir Sheikha. Careem will report to its own board, which will consist of three Uber representatives and two from Careem.<\/p>\n

You can <\/b>check out the transaction fact sheet<\/b> here (pdf)<\/a>.<\/p>\n

What Uber and Careem\u2019s leadership had to say:<\/b> Careem\u2019s Sheikha sees the acquisition as a \u201cmilestone moment for us and the region [that] will serve as a catalyst for the region\u2019s technology ecosystem.\u201d The two companies joining forces will also help Uber \u201cexpand the strength\u201d of its platform with Careem\u2019s local know-how, Uber CEO Dara Khosrowshahi said.<\/p>\n

Read Khosrowshahi\u2019s email to Uber staff <\/b>here (pdf)<\/a>.<\/p>\n

The story is all the business press could talk about yesterday:<\/b> Reuters<\/a>, Bloomberg<\/a>, the Wall Street Journal<\/a>, the Financial Times (paywall)<\/a>, and the New York Times<\/a> had the story, as does every tech-focused outlet under the sun. \u201cFor Uber, the prize is the proof that it still can secure a dominant position in an emerging market following a series of [transactions] that have seen it retreat to the role of junior partner,\u201d Bloomberg highlighted<\/a>.<\/p>\n

For Uber, the move is a shot in the arm ahead of its upcoming IPO<\/b>, Reuters Breakingviews<\/a> notes. It also comes as Uber\u2019s US rival Lyft looks set to price its IPO shares above guidance, the WSJ<\/a> adds.<\/p>\n

The Egyptian Competition Authority (ECA) is not happy with the merger, <\/b>saying in a statement<\/a> that the combination of the two businesses \u201cmay lead to a significant impediment on effective competition in the markets\u201d by restricting choice for riders and drivers alike. The regulator will undertake an investigation once it has received formal confirmation from the companies and is due to announce its decision within 60 working days.<\/p>\n

The ECA previously <\/b>threatened both companies<\/b><\/a> with fines of up to EGP 500 mn apiece if they went through with a merger.<\/p>\n

Saudi companies are cashing in: <\/b>Kingdom Holding Company said in a disclosure to Tadawul<\/a> yesterday that it completed the sale of SR 1.25 bn-worth of Careem shares to Uber in the transaction. The Tadawul climbed yesterday as Careem shareholder Al Tayyar Group\u2019s shares rose 10% following the agreement, Reuters reports<\/a>.<\/p>\n

So, how did Careem do it? <\/b>The Dubai-based company built a moat around its operations that Uber had to pay to penetrate, Business Insider<\/a> argues, citing a recent interview with Sheikha, who pointed to the service\u2019s deep on-the-ground knowledge, including understanding that cash is king and having mapped \u201cevery building, every villa, every shopping mall\u201d because of local limitations of Google Maps.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Uber is acquiring Careem in a USD 3.1 bn transaction, making Careem the MENA region\u2019s most valuable \u2018unicorn\u2019 ever: Ride-hailing companies Uber and Careem have reached an agreement that will see Uber acquire its regional rival for USD 3.1 bn, a joint statement said (pdf). The transaction is expected to close in 1Q2020, […]<\/p>\n","protected":false},"author":1,"featured_media":602413,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[442,72,7128,328,2380,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-careem","tag-enterpriseam","tag-ma-watch","tag-ride-hailing","tag-speed-round","tag-uber","wpautop","entry"],"acf":{"mongo_id":"e9b3fd22-6ad9-4f60-8ac9-2090184bd1d5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/4\/5.jpg","photo_position":"above","related_issue":[602407],"teaser":"","voice_url":""},"yoast_head":"\nUber, Careem sign agreement to proceed with acquisition - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/27\/uber-careem-sign-agreement-to-proceed-with-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uber, Careem sign agreement to proceed with acquisition\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Uber is acquiring Careem in a USD 3.1 bn transaction, making Careem the MENA region\u2019s most valuable \u2018unicorn\u2019 ever: Ride-hailing companies Uber and Careem have reached an agreement that will see Uber acquire its regional rival for USD 3.1 bn, a joint statement said (pdf). 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The sit-down \u201cfocused on the extent to which investments\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/jordanian-authorities-sign-off-on-uber-careem-merger\/","url_meta":{"origin":602412,"position":1},"title":"Jordanian authorities sign off on Uber-Careem merger","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"Jordanian authorities sign off on Uber-Careem merger: Jordan\u2019s Industry, Trade, and Supply Minister Tariq Hammouri last week approved Uber\u2019s planned USD 3.1 bn acquisition of Careem after deciding that the transaction would have \u201climited\u201d negative effects on the market, the ministry said in a statement (pdf). Uber and Careem\u2019s combined\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/uber-careem-merger-official-in-egypt-saudi-uae-jordan\/","url_meta":{"origin":602412,"position":2},"title":"Uber-Careem merger official in Egypt, Saudi, UAE, Jordan","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"M&A WATCH- Uber-Careem merger done in Egypt, Saudi, UAE, Jordan: Uber has formally closed its acquisition of Careem in most major markets, including Egypt. The transaction is still pending regulatory approvals to close in Qatar, Pakistan, and Morocco, Uber said in a statement. For now, Careem will become a wholly-owned\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601485,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/uber-careem-takeover-seems-to-be-closing\/","url_meta":{"origin":602412,"position":3},"title":"Uber-Careem takeover seems to be closing","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"Uber, Careem seem to be closing in on takeover agreement: Talks for global ride-hailing giant Uber to acquire Dubai-based Careem is in an advanced stage, Bloomberg reported. The companies may announce a cash-and-shares transaction that values Careem at about USD 3 bn in the coming weeks but no agreement has\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596961,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/eca-extends-technical-examination-period-of-uber-careem-merger\/","url_meta":{"origin":602412,"position":4},"title":"ECA extends technical examination period of Uber-Careem merger","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"ECA gives itself more time to rule in Uber-Careem merger: The Egyptian Competition Authority (ECA) has extended the period during which it is studying Uber\u2019s recent USD 3.1 bn acquisition of Careem by an additional 60 days, according to an ECA statement. The watchdog originally said it would take 60\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590642,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules\/","url_meta":{"origin":602412,"position":5},"title":"Merged Uber-Careem to operate in Egypt under ECA rules","author":"enterpriseam admin","date":"30 December 2019","format":false,"excerpt":"Uber-Careem merger gets green light from competition authority with a couple of minor caveats: The Egyptian Competition Authority (ECA) has granted regulatory approval for Uber\u2019s USD 3.1 bn acquisition of Careem, imposing only a handful of conditions designed to \u201cprotect the rights of riders, drivers, and investors,\u201d the competition watchdog\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/3061.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=602412"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602412\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/602413"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602412"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602412"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}