Ride-hailing giants Uber look set to complete the acquisition of Dubai-based app Careem after long running talks near completion according to sources. Reports from the Financial Times suggest that a final agreement on the deal is expected to come in the next two days and could be worth in the region of $3.1 billion via cash and shares.
The deal would consolidate Uber’s hold on the ride-hailing market ahead of an anticipated flotation next month which has been valued up to £91 billion.
The expected Careem deal is not the first Uber merger. Several of its global competitors have been bought in an attempt to end price wars in different regions. Deals with Chinese market leaders Didi Chuxing, South-East Asian giants Grab and Russia’s Yandex have all been agreed. Some market analysts see the mergers an attempt to turnaround the American firm’s heavy losses and allow focus on different areas such as expansion into food delivery, electric bicycles and most recently electric scooters.