UBER BUYS CAREEM, ITS COMPETITOR IN MIDEAST
Ride-hailing service Uber announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large, young, tech-savvy population. Uber said the purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. Under the deal, Careem will keep its brand and app unchanged, at least for now, and will operate as a wholly-owned subsidiary of Uber led by its own original founders.