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Thursday, June 13, 2024

UAE’s e& completes acquisition of over 50% stake in Careem Technologies


UAE telecom operator e& has successfully finalized the acquisition of a 50.03% stake in Careem Technologies, known as the Careem Everything App. The transaction, valued at $400 million, was disclosed by e& in a statement on the Abu Dhabi Securities Exchange (ADX) on Friday.

This investment aligns seamlessly with e&’s overarching strategy to expand its presence in the consumer digital landscape, reinforcing its commitment to becoming a prominent global technology group. The acquisition is a crucial step in leveraging Careem Technologies‘ diverse portfolio to amplify e&’s digital footprint and deliver innovative services to a wider audience.

Financed through debt and devoid of associations with related parties, the acquisition underscores e&’s commitment to sound financial practices and transparent business dealings.

Careem Technologies, established as a distinct entity to segregate non-rideshare ventures from Careem, offers a spectrum of services under the banner of the Careem Everything App. This includes food and grocery delivery, fintech services through Careem Pay, micro-mobility via Careem Bike, and various third-party services. Notably, the rideshare business remains under the ownership of Uber.

In April of the previous year, e& inked a binding agreement with Uber Technologies and its subsidiary, Careem, marking the initiation of the journey toward acquiring a majority stake in Careem Technologies. The completion of this acquisition positions e& at the forefront of digital innovation, combining its telecom expertise with Careem Technologies’ diverse offerings to meet the evolving needs of consumers in an increasingly digital world.

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