San Francisco-based transportation network company Uber Technologies Inc. is ready to offer more than $3 billion to acquire UAE-based peer Careem Networks FZ.
Uber Technologies will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to $55 per share.
The company’s offer is expected to be announced during the early part of this week.
In April 2018, Uber acquired New York-based pedal-assist e-bikes company JUMP Bikes for $200 million.