Uber and Careem may announce a deal that values the Dubai-based ride-hailing company at about $3 billion in the coming weeks, according to people familiar with the matter.
, as it prepares for a potential initial public offering this year. Uber and Careem held preliminary talks in July to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry in the region, people familiar with the matter said at the time.
Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce giant Rakuten Inc., was valued at about $1 billion in a 2016 funding round, making it one of the most valuable technology start-ups in the Middle East. The company has more than a million drivers and operates in more than 100 cities in the Middle East, according to its website.
Acquiring a rival would be a departure in strategy for Uber. The ride-hailing giant has traditionally used such deals to offload costly overseas operations and take stakes in competitors,
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