The U.S. ride-hailing behemoth has agreed to pay $3.1 billion for Middle Eastern peer Careem Networks FZ. That’s about 50 percent more than the valuation reportedly put on the target in its October funding round. Maintaining Careem’s identity may also give regulators a pretext to approve a transaction that ends a regional duopoly. The deal establishes the Middle East as another avenue of growth, one where Uber has full ownership and control rather than riding as a passenger with a minority stake. Uber clearly had some negotiating power as it has been able to secure full ownership, but it has paid up.

Source: Washington Post March 26, 2019 15:22 UTC