Uber has reached a deal to acquire ride-hailing competitor Careem for $3.1 billion, the companies announced Tuesday.
Dubai-based Careem, founded in 2012, claims more than 30 million registered users and sells car-hailing services in 120 cities across North Africa, the Middle East and South Asia, from Morocco to Pakistan.
The companies characterized the deal as the biggest-ever technology industry transaction in the greater Middle East. You can read CEO Dara Khosrowshahi's email to staff explaining the decision to buy Careem here.
The announcement comes as Uber approaches a much-anticipated initial public offering that reports have said could value the company at as much as $120 billion. It is expected to be one of the biggest tech IPOs in history.