Ride-hailing service Uber announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large, young, tech-savvy population. Uber said the purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. Uber's stiffest competitor in the Middle East had been Careem, which launched in 2012 — three years before Uber entered the local market. The company was valued at about $1 billion in a 2016 funding round and an estimated $2 billion last year. Under the deal, he will lead Careem's business under Uber and report to a board comprised of three Uber representatives and two from Careem.

Source: ABC News March 26, 2019 07:30 UTC