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Amman – Al-Rai
Ober and Karim reached an agreement under which Ober acquires Karim for $ 3.1 billion, a convertible loan of $ 1.7 billion and $ 1.4 billion in cash. The acquisition of Karim remains subject to regulatory approval. The transaction is expected to close in the first quarter of 2020.
Ober will take over all of Karim's transport, delivery and payment activities in the Greater Middle East region, which extends from Morocco to Pakistan and includes major markets, including Jordan, Egypt, Pakistan, Saudi Arabia and the United Arab Emirates.
Once the deal is completed, Karim will be 100% owned by Ober, but will retain its trading name. Karim's work will be led by one of its founders and general manager, Madthar Sheikha, under the supervision of a board of directors consisting of three members representing Ober and two representatives of Karim. Ober and Karim will operate their regional services and their business names independently.
"This is an important moment for Ober as we continue to expand our platform around the world," said Dara Khososhahi, Ober's Managing Director. Karim has demonstrated her ability to develop innovative and local solutions and plays a key role in the future of urban mobility in the cities of the Middle East, where she has become one of the most successful startups in the region. I am confident that, by working closely with the founders of Karim, we will achieve exceptional results for the benefit of passengers, drivers and cities in this fast-growing part of the world.
"The consolidation of efforts with OUBER will help us achieve Karim's goal of simplifying, improving and facilitating people's lives, as well as setting up a unique and far-reaching organization that inspires people, "said Mdater Sheikha, CEO of Karim. The possibilities of mobility and wider use of the Internet in the region are huge and untapped, and have the potential to cross the region into the digital future. We could not find a better partner than Ober, led by Dara, to seize this opportunity. This is an important moment for us and the region, which will serve as a catalyst and accelerator for the region's technical ecosystem by providing more resources for entrepreneurs from local and international investors.
Indeed, the Greater Middle East region has many economic and social benefits as people adopt technology solutions quickly and with more mobility solutions available. The agreement supports the combined efforts of Uber and Karim to improve the region's mobility infrastructure and to offer various mobility, delivery and payment options. It will also accelerate the delivery of digital services in the region by developing an exceptional application for users providing services such as Careem Pay and Careem Now.
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