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The deal is particularly important for Uber, whose ability to be a competitive global ride-hailing player had come into question after it sold its operations in China, Russia and Southeast Asia to local rivals after sustaining heavy losses. Uber Chief Executive Dara Khosrowshahi in a statement called the deal with Careem “an important moment for Uber.”. Uber has been eager to reach an agreement before the company begins its “roadshow,” when it will meet with public market investors prior to listing shares on the New York Stock Exchange. The deal enables Uber to claim dominance in a growing region for ride-hailing outside of the United States.
Uber operates in more than 70 countries, but faces strong rivals in Latin America and India and tough regulations in Europe, Talks between the companies had dragged on since at least last summer, sources told Reuters, although they did not get serious until the end of the year, The companies had for years battled in a competition for drivers and riders that had required discounts and subsidies and pushed prices artificially low, Careem over the course of last year grew its business rapidly, swank cufflinks onyx including adding a delivery service, and went on to nearly double its valuation, pressuring Uber to increase its bidding price..
Toward the end of last year, Careem was entertaining interest from investors for another financing round when Uber moved aggressively to buy the company outright, sources said. The merger follows the $580 million acquisition of Dubai-based ecommerce company Souq Group Ltd by Amazon.com Inc in 2017, according to a U.S. Securities and Exchange Commission filing, spotlighting the Middle East’s budding technology scene. Careem, founded in 2012, has a larger presence than Uber in the Middle East, North Africa, Pakistan, and Turkey, operating in 98 cities there compared with Uber’s roughly 23 locations.
“An Uber-Careem merger underscores the huge potential of swank cufflinks onyx car-hailing in the Middle East,” said Sam Blatteis, CEO at the MENA Catalysts, a Middle East public policy advisory and research firm, David Chao, co-founder and general partner at venture firm DCM and a Careem investor, said it was the “first unicorn exit” in the Middle East, referring to start-ups valued at $1 billion or more, and representative of things to come, Careem’s Middle East investors, including Saudi Arabia’s Al Tayyar Travel Group, Saudi Prince Alwaleed’s Kingdom, Saudi Telecom and Saudi venture fund STV, all welcomed the deal..
Al Tayyar said it was divesting its investment for 1.78 billion Saudi riyal ($474.64 million) and expected a total profit of 1.34 billion riyals in 2019 as a result. Kingdom Holding said it was selling its stake for 1.25 billion riyals - 565 million riyals in cash and a convertible bond in Uber valued at 685 million riyals - while Saudi Telecom, which invested indirectly through its venture funds, said it will receive $274 million in cash and convertible notes. Uber said its revenue last year was $11.3 billion, while its gross bookings from rides were $50 billion. But the company lost a staggering $3.3 billion, excluding gains from the sale of its overseas business units in Russia and Southeast Asia.
OSLO (Reuters) - Norwegian Air will lease planes swank cufflinks onyx and postpone the sale of older models in its fleet following the grounding of Boeing 737 MAX aircraft, the airline said on Monday, The budget carrier will also use some of its bigger Boeing 787 Dreamliners to offset the effects of the grounding of its 18 MAX jets - about 11 percent of its fleet, The 737 MAX was grounded worldwide this month following a deadly crash in Ethiopia, “In addition to continuing combining flights and reallocating aircraft, the company has decided to delay potential sales of six Boeing 737-800 aircraft and use available 787 Dreamliner capacity on high-volume routes, which will add flexibility,” Norwegian said in a statement..
(Reuters) - A private equity-led consortium agreed to buy Inmarsat Plc for about $3.4 billion in cash after the British satellite operator rebuffed a slightly lower bid from U.S. rival EchoStar last year. The consortium, which includes UK-based Apax Partners, U.S.-based Warburg Pincus and two Canadian pension funds, is betting in part on Inmarsat’s reputation for selling faster and more reliable in-flight Wi-Fi to commercial airlines worldwide. Inmarsat shareholders will get $7.21 cash, or 546 pence per share. Inmarsat’s shares were up 8.9 percent at 551 pence by 1422 GMT, higher than the offer price.
The company was the first international satellite operator to be privatized, and Apax was part of the group that invested in 2003, before taking it public two years later, Inmarsat does not expect regulators to pose major hurdles to the takeover, given its experience with regulators in the United States and Britain, a company spokesman said, The offer comprises cash of $7.09 for each share plus a previously agreed swank cufflinks onyx final dividend of $0.12 per share, That represents a nearly 45 percent premium to Inmarsat’s close on Feb, 27, the day before media reports said EchoStar was expected to renew its interest in the company..