Uber may announce $3 billion deal with Careem early this week: Reports

Uber is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ. It is reported that Uber Technologies will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem Networks FZ. Careem Networks FZ had told that an announcement regarding this, from their side will be made Tuesday.

Reports said that the offers from Uber could be announced during the early part of this week. Shareholders in Careem have been asked to agree to the terms of the transaction by Monday evening. It is expected that a deal could be announced as soon as Tuesday.

An initial public offering had been planned by Uber and its bankers have indicated that it could be valued at as much as $120 billion.

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