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Uber planning to buy Careem for $3.1bn

Uber is reported to be about to buy ride hailing rival Careem

Uber is expected to make a bid for Careem as early as this week.
Uber is expected to make a bid for Careem as early as this week.

Uber is rumoured to be about to make a $3.1 billion cash-and-share deal to Careem.

According to Bloomberg, the deal, which would comprise $1.4 billion in cash and $1.7 billion in convertible notes for Careem, could take place this week.

Dubai-based ride hailing service Careem was valued at $1 billion in a 2016 funding round, making it one of the most valuable technology startups in the Middle East. The company says it has over a million drivers and operates in more than 90 cities in 15 countries.

Uber is expected to publicly file for an IPO on the New York Stock Exchange (NYSE) in April.