Uber said to be in talks to acquire Dubai ride hailing firm Careem

Uber said to be in talks to acquire Dubai ride hailing firm Careem

Careem pods at the GITEX 2016. Image sourced from the company's Facebook page.

Uber Technologies Inc. is in discussions to buy its Dubai-based rival Careem Networks FZ as the ride-hailing giant expands in the Middle East, people familiar with the matter said.

A deal could value Careem at $2 billion to $2.5 billion, the people said, asking not to be identified because the talks are private. Negotiations are ongoing and Careem’s management is working to convince the firm’s shareholders of the merits of a deal, the people said. No final decisions have been made, and the companies may decide against the transaction, they said.

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