Uber May Announce $3 Billion Deal With Careem This Week: Report

Uber’s provide could be discharged throughout the first part of the week, a third source included.

Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which is convertible into Uber stocks at a cost equivalent to $55 per share, Bloomberg had previously reported, citing a term-sheet.

Careem declined comment while Uber didn’t immediately respond to a request from Reuters to remark.

Uber was preparing for the initial public offering, and its shareholders have suggested that it may be valued at up to $120 billion.

The US-based international logistics and transport company has been searching for new avenues of expansion even as it faces intense competition in its core business of ride-hailing from rivals such as Lyft.

The IPOs of Lyft and Uber represent a landmark for Silicon Valley’s tech unicorns, that for decades have snubbed the stock exchange in favor of increasing funds independently, with investors pleased to back their valuations.

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