Uber could buy Middle East rival Careem - WSJ

|About: Uber (UBER)|By:, SA News Editor

Uber (UBER) is having on-and-off acquisition talks with Careem, according to WSJ sources.

Careem is active in 84 cities in about 12 countries in the Middle East, a larger geographic footprint than Uber's in the region.

Banker sources say Careem wants $2.5B to $3B for a potential deal.

Uber execs want to reach 1B users as the company approaches the IPO expected in the first half of 2019. Uber has identified the Middle East and India as "high-potential markets" worthy of increased investments.

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