Uber is a leading transportation company, providing peer to peer ridesharing, food delivery, and a bicycle sharing system. Uber is now set to offer $3 billion to its competitor Careem, the Dubai based transportation company. The major backers of Careem are Rakuten Inc a Japanese e-commerce firm and the investment company of Saudi Prince Alwaleed bin Talal.
The San Francisco based company had been looking to expand itself, with many rivals including Careem and Lyft tanking its profit. Uber has been arranging for a public statement mentioning the purchase of Careem.
The payment for the buyout would be in two parts, with the first being $1.4 billion in cash followed by $1.7 billion in convertible notes. The convertible notes would become Uber shares set at a price of $55 per share.
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