e& Acquires Majority Stake in Careem Technologies for $400M
April 13, 2023
Abu Dhabi-based tech group e& (formerly Etisalat) signed a binding agreement with Uber Technologies to acquire a 50.03% majority stake in the newly spun-out Careem Technologies for $400 million. The spinout — which will focus on scaling the Careem super app (food and grocery delivery, digital payments, and other on-demand services) — was announced by Careem; Uber's exact remaining stake in the spinout is not disclosed and the ride-hailing business was reported as still owned by Uber.
- Buyers
- e&
- Targets
- Careem Technologies
- Sellers
- Uber Technologies, Inc.
- Industry
- Transportation
- Location
- Dubai, United Arab Emirates
- Transaction Type
- Divestiture
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