Uber will pay $3 bln to acquire Dubai-based rival Careem. It shows the group, which is burning through $1 bln a year, can still spend to grow as it prepares to go public, says KarenKKwok GinaChon:
U.S. ride-hailing firm Uber Technologies said on March 25 it will pay $3.1 billion to acquire Dubai-based rival Careem Networks.
After the acquisition, Careem will become a wholly-owned subsidiary of Uber and will keep the Careem brand and app intact. The deal is expected to close in the first quarter of 2020.
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