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MarketScreener Homepage  >  Equities  >  Nyse  >  Uber Technologies, Inc.    UBER

UBER TECHNOLOGIES, INC.

(UBER)
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Uber Technologies : Completes Acquisition of Careem

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01/02/2020 | 07:01pm EDT

Uber (NYSE: UBER) today confirmed the official close of the previously announced acquisition of Careem for $3.1 billion. Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand. Careem co-founder and CEO Mudassir Sheikha will continue to lead the Careem business, which will report to a board made up of three representatives from Uber and two representatives from Careem. Careem and Uber will operate their respective regional services and independent brands.

With the closing of the deal, Uber has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region, with major markets including Egypt, Jordan, Saudi Arabia, and the United Arab Emirates. The regulatory approval process in Pakistan, Qatar, and Morocco is ongoing and the transaction will not close in these territories until approvals from the legal authorities responsible are obtained.

Uber CEO Dara Khosrowshahi said: “I’m looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership. Working in parallel, our two platforms will be able to build upon the unique strengths of each, to the benefit of drivers, riders, and the cities we serve across the greater Middle East.”

Careem co-founder and CEO Mudassir Sheikha said: “Today marks the beginning of a new chapter for Careem. The journey that we started almost a decade ago to simplify the lives of people in the greater Middle East is far from over. Joining forces with Uber accelerates that journey as we become the region's everyday super app. We are excited to take Careem to new heights alongside Uber, who appreciates the significant regional opportunity, is supportive of our values and culture, and believes in the purpose that drives us.”

Both companies believe this completed acquisition will provide an opportunity to expand the variety and reliability of services offered through their applications. Similarly, for drivers and captains, the companies believe an increase in trip growth and improved services could provide better economic opportunities as well as more predictable earnings through greater utilization of drivers’ time on the road.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

About Careem

Careem is the internet platform for the greater Middle East region. A pioneer of the region’s ride-hailing economy, Careem is expanding services across its platform to include mass transportation, delivery and payments to become the region’s everyday super app. Careem’s mission is to simplify and improve the lives of people and build an awesome organisation that inspires. Established in July 2012, Careem operates in 120 cities across 15 countries and has created more than one million employment opportunities in the region.


© Business Wire 2020
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Financials (USD)
Sales 2020 15 598 M
EBIT 2020 -3 597 M
Net income 2020 -4 156 M
Finance 2020 136 M
Yield 2020 -
P/E ratio 2020 -10,4x
P/E ratio 2021 -17,9x
EV / Sales2020 2,61x
EV / Sales2021 2,07x
Capitalization 40 902 M
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Mean consensus BUY
Number of Analysts 45
Average target price 42,67  $
Last Close Price 23,68  $
Spread / Highest target 153%
Spread / Average Target 80,2%
Spread / Lowest Target 1,35%
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Managers
NameTitle
Dara Khosrowshahi Chief Executive Officer & Director
Ronald D. Sugar Chairman
Nelson J. Chai Chief Financial Officer
Thuan Pham Chief Technology Officer
Garrett Camp Director
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