ABU DHABI, 10 APRIL – Emirates Telecommunications Group Company (EAND.AD) and Uber Technologies’ (UBER.N) Middle Eastern subsidiary Careem have agreed to a $400 million deal in which E& would acquire a 50.03% share in a super app controlled by Careem. last day
The Careem founders Mudassir Sheikha and Magnus Olsson will oversee the Super App, according to the organisation, once known as Etisalat Group and now known as e&. The ride-hailing business will be separated from the Careem Super App business and will be fully owned by Uber, but will still be available on the super app.
According to the efiling, &’s the transaction will be financed from its current cash balance and is subject to administrative approvals, customary closing conditions, and regulatory clearances. Last month, Reuters reported that negotiations with e& were advanced and a deal may be revealed soon.
To finance its Super App, which provides services outside of its primary ride-hailing business, such as food delivery, bike rentals, digital payments, and courier services, Careem started looking for outside investors last year.
In June last year, Etisalat changed its name to e& as part of a new plan to establish itself as a leading global technology and investment conglomerate.
According to E&, the deal fits well with its plans to expand its consumer digital products and will enable the business to use the app to accelerate the expansion of its digital consumer services.
The remaining shares in the nifty app are held by Uber and Careem co-founders Sheikha, Olsson, and Abdullah Elyas, according to a Careem spokesperson.
