Media ININ Economy We Trust
Media In / 26 March 2019
Ober and Karim reached an agreement whereby Ober acquires Karim for $ 1.3 billion.
The acquisition, which consists of convertible bonds worth $ 1.7 billion and $ 1.4 billion in cash, will remain subject to regulatory approvals. Ober acquires all of Karim’s transportation, delivery and payment operations throughout the Middle East, and includes major markets including Egypt, Jordan, Pakistan, Saudi Arabia and the UAE.
Once the deal is completed in the first quarter of 2020, Karim will be wholly owned by Ober, but will retain its trade name. Karim’s work will be led by one of its founders and CEO, under the supervision of a board of directors consisting of three members representing Ober and two representatives of Karim. “Karim has demonstrated her ability to develop innovative and local solutions and plays a key role in shaping the future of urban mobility in cities in the Middle East, and we are confident that working closely with Karim will achieve exceptional results for the benefit of passengers and drivers,” said Uber CEO Dara Khosoushahi. And cities in this part of the world which is rapidly evolving. “Combining efforts with OUBER will help us get to the goal set by Karim in simplifying, improving and facilitating people’s lives,” said Karim Mdatir Sheikha, Chief Executive Officer of Karim. “The opportunities for mobility and Internet use are great in this region.
