BREAKING NEWS

BREAKING NEWS

Uber in advanced talks to buy Middle East rival Careem - Bloomberg

Uber in advanced talks to buy Middle East rival Careem - Bloomberg
FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay -
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(Reuters) - Uber Technologies Inc is in advanced discussions to buy its Dubai-based rival Careem Networks FZ, Bloomberg reported on Thursday, citing people familiar with the matter.

The companies may announce a cash-and-stock transaction that values Careem at about $3 billion (2 billion pounds) in the coming weeks, the report said.

Uber and Careem did not immediately respond to Reuters request for comment.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel)

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