Here's how people are reacting to Uber-Careem merger

11:12 AM | 25 Mar, 2019
Here's how people are reacting to Uber-Careem merger
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LAHORE - Uber is going to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based rival Careem this week, according to Bloomberg. The US ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, people privy to the matter told Bloomberg. The notes will be convertible into Uber shares at a price equal to $55 per share, according to the term-sheet.

Shareholders in Careem, whose backers include Saudi Prince Alwaleed bin Talal’s investment firm and Japanese e-commerce company Rakuten Inc, have been asked to agree to the terms of the transaction by Monday evening and a deal could be announced as soon as Tuesday.

It comes as Uber prepares for its initial public offering — expected next month — which could, according to some estimates, see the rideshare giant's value increase to $100 billion.

Careem declined to comment while Uber did not immediately respond to a request from Reuters to comment. Dubai-based Careem boasts more than a million drivers and 30 million users across 90 cities.

The news circulated on social media within no time and people are reacting to the matter in their posts:

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