Emirates Telecommunications Group Company has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' Middle East subsidiary, in a transaction valued at $400 million, e& said in a filing on Monday.
The Super App will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, formerly known as Etisalat Group and now called e&.
The deal will be financed from e&'s existing cash balance, and subject to regulatory approvals, customary closing conditions and administrative procedures, e& said in the filing.and a deal could be announced soon. Etisalat rebranded to e& in June last year as the majority state-owned telco company embarked on a new strategy to position itself as a global technology and investment conglomerate.
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