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Home / Business / "Everyone Talks to Everyone" – Rideshare investor bypasses Uber-Careem rumor – TechCrunch

"Everyone Talks to Everyone" – Rideshare investor bypasses Uber-Careem rumor – TechCrunch



Ride-hailing giant Uber is in talks about a potential merger with rival Careem in the Middle East, citing three people who are familiar with the matter, according to Bloomberg.

The report suggests that various deal structures have been discussed, it is also said that no agreement has been reached – and can never be reached, as the discussions continue and can lead to nothing.

Bloomberg's sources told him that Uber said it needed to own more than half of the combined company (19659002) Among the possible arrangements that were discussed are Careem's current executives who are building a new combined business day by day possibly maintaining both brands in local markets.

Another proposal would follow

Bloomberg also reports that Careem is holding discussions with investors in Dubai to raise $ 500 million, which the company says might justify driving costs of about $ 1

.5 billion. Careem is said to have held initial talks with banks on a possible IPO in January.

None of the companies has publicly confirmed discussions.

An Uber spokesman declined to comment if he wanted to confirm or reject talks with Careem.

A Careem spokeswoman, Maha Aboelenein, said: "We are not commenting on rumors, our focus remains on building the region's leading Internet platform for the region, meaning we are expanding into new markets and doubling our existing markets, as we add new products and services to the platform, we're just starting to work. "

Uber has reconfigured his global business for several years and withdrew from Southeast Asia earlier this year after agreeing to sell his business to the local Rival grave for sale – while he also has a minority stake in the

And Uber has completed a similar exit agreement in 2016 with another rival – Didi – in China.

Last year, he also intervened with Yandex.Taxi in Russia, with the pair joining via a joint venture – albeit one that gave Yandex the majority.

But Uber has announced its position and potential in the Middle East – CEO Dara Khosrowshi said at a conference in May that he believes he may be the "winner" of the market, as well as in India and Africa, and vowed that it would control "our own destiny" in these markets.

Of course, this does not take care of a Careem Uber deal, although Uber's (public) claim is that it's not. I'm ready to choose a minority stake in the region, as elsewhere.

In April, a request from CNBC answered if Careem could be taken over, Uber's COO Barney Harford declined to do more transactions for minority stakes, saying, "It would be crazy for us as a hyper-growth company But we were very clear that the markets we are in today are core markets for us. "

Harford also claimed that Uber was able to" indefinitely "work in to invest its selected growth markets, achieved thanks to profitability in other markets. It is also aiming for an IPO in 2019.

In March, the Financial Times reported that Uber was talking to Indian rival Ola about another possible merger – and sources in the newspaper poured cold water on the idea that Uber would also take a minority stake there.

Of course, Uber does not want to downsize his already broken global ambitions. But it may have to, if it competes in its selected plum markets.

Careem's chest-puffing conversation about just starting – assuming it can convince its investors to screw their guts to stay on board [19859002] Careem's investors, who a year ago made a $ 1 Billion, were the VC Kingdom Holding of Saudi Arabia, the German automaker Daimler and the Japanese technology giant Rakuten, who led the series E.

Oskar Mielczarek de la Miel, managing partner of Rakuten Capital, in mobility investments leader and also a Careem board member, declined to comment on rumors of Uber-Careem merger talks. 19659002] But he was pleased to explain the broader opportunity that investors saw coming for the ride: "If you look at the industry, everyone is talking to everyone, and while consolidation is an obvious trend, it's not going to be limited to The ride-through players are also attracting other tech companies, OEMs and payment companies, just to name a few. "

According to the Careem website, the Ride Hailing company operates in 15 countries, mostly (but not only). throughout the Middle East its services in about 80 cities in total.

While Uber's website records that it operates in 15 cities in the Middle East and 15 in Africa.


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