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Ober announced the signing of an agreement on the acquisition of Karim for $ 3.1 billion, which is expected to be signed in the first quarter of the year 2020.
As part of this agreement, Jeffress LLC will be a financial advisor from Ober, which will take over all of Karim's travel, delivery and payment activities in the Greater Middle East region, which extends from Morocco in Pakistan, and includes major markets including Kingdom, Egypt, Jordan and Pakistan.
Karim, one of its founders and CEO, will be led by Madthar Sheikha, under the supervision of a board of directors composed of three members representing Ober and two representatives of Karim, who operate their regional services and business names. Independent.
Sheikha underscored the importance of this initiative, which combines Ober's global management and technical expertise with Karim's technical infrastructure in the region and its ability to develop local solutions. innovative.
The two companies also expected the agreement to provide an opportunity to expand the diversity and reliability of the services available and at different prices to serve more customers.
In terms of drivers and cabins, both companies anticipate increased flight growth, improved service and increased profitability through greater use of on-road driving partners.
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