Uber to announce a deal to buy rival Careem as early as this week: Bloomberg

A mobile phone with the Uber transport technology app, with the destination and the cost of the international airport, is seen in a car with a Uber driver, in Santiago, Chile, March 15, 2019. REUTERS/Rodrigo Garrido

(Reuters) – Uber Technologies Inc has announced plans to acquire Dubai-based rival Careem Networks FZ as early as this week, Bloomberg reported on Sunday, citing people familiar with the matter.

Uber will pay $1.4 billion in cash and $1.7 billion in convertible bonds, which will be converted in Uber shares, at a price equal to € 55 per share, according to a term sheet that Bloomberg said it had seen.

Careem refused to comment while Uber does not immediately respond to a request by Reuters comment.

Uber is preparing for an initial public offering, and the bankers have indicated that it could be valued at $120 billion.

Reporting by Mekhla Raina in Bengaluru; Editing by Leslie Adler

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