March 24, 2019 / 3:05 PM / 3 months ago

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

March 24 (Reuters) - Uber Technologies Inc will announce 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 notes, which will be convertible into Uber shares at a price equal to $55 per share, according to a term-sheet that Bloomberg bloom.bg/2OqVtpm said it had seen.

Careem declined comment while Uber did not immediately respond to a request from Reuters comment.

Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as $120 billion. (Reporting by Mekhla Raina in Bengaluru; Editing by Leslie Adler)

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