The story of 6 years .. "Karim" was founded by 500 thousand dollars and sold 3 billion dollars

The acquisition of the emerging company by Ober comes a few days before the IPO

Karim was established in Dubai in March 2012 with a capital of less than US $ 500,000. It has spread to 16 countries in the Middle East and North Africa, competing in the same geographical area. Two years.

Ober's acquisition of Karim amounts to $ 3.1 billion, of which $ 1.4 billion in cash and $ 1.7 billion in bonds.

Karim is a wholly owned subsidiary of Ober, but both companies, which use an electronic application for taxis and delivery services, will operate independently of one another and will retain their own brand , their services and their applications in the Middle East.

The reason for the quick conclusion of the agreement would be the strengthening of Ober, which will be listed on the stock market next month, which could, according to some estimates, lead to the value of the shares of "Ober" for 100 billion dollars .

In a joint statement posted on the website, Ober said Ober and Karim had reached an agreement under which Ober would buy Karim for a convertible loan of USD 3.1 billion, for an amount of EUR 1 billion. , 7 billion USD. Convertible and $ 1.4 billion in cash.

The acquisition of Karim is subject to regulatory approval and is expected to be finalized in the first quarter of 2020.

Ober will carry out all Karim mobility, delivery and payment transactions throughout the Greater Middle East region, from Morocco to Pakistan, with major markets such as Saudi Arabia, Egypt, Jordan, Pakistan and the United Arab Emirates.

Kareem will be led by one of its founders and general manager, Madthar Sheikha, under the supervision of a board of directors composed of three members representing Ober and two representatives of Karim. Ober and Karim will operate their regional services and their business names independently.