Uber Technologies Inc is set to offer over US$3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters.
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Uber will pay US$1.4 billion in cash and US$1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to US$55 per share, Bloomberg https://bloom.bg/2OqVtpm had earlier reported, citing a term-sheet.Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as US$120 billion.
The U.S.-based global logistics and transportation company has been seeking new avenues of growth even as it faces severe competition in its core business of ride hailing from rivals like Lyft Inc.The IPOs of Lyft and Uber represent a watershed for Silicon Valley's technology unicorns, which for years have snubbed the stock market in favor of raising capital privately, with investors happy to back their frothy valuations.
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