Careem has agreed to an acquisition by Uber in a cash-and-convertible note deal, allowing Rakuten, Al Tayyar, Daimler, STC and Didi Chuxing to exit.

On-demand ride provider Uber yesterday confirmed it has agreed to acquire United Arab Emirates-based ride hailing service Careem for $3.1bn, providing exits for corporates Rakuten, Saudi Telecom, Al Tayyar, Didi Chuxing and Daimler. The price will consist of $1.4bn in cash and $1.7bn in convertible notes, which will be convertible to Uber stock at a…

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