Saudi's Al Tayyar Travel exits Careem in $474mln deal | ZAWYA MENA Edition:
Al Tayyar Travel Group, the Middle East’s leading technology-powered travel and tourism company, has announced that it will divest its investment in Careem, the leading ride-hailing app in Mena, with an exit value of SR1.78 billion ($474.58 million).
The move is in connection with the acquisition of Careem by Uber Technologies, a San Francisco headquartered transportation network company.
The net proceeds from the sale will be received partly in cash and partly in convertible notes in Uber, which are subject to the satisfaction of terms and conditions. The acquisition of Careem’s business in each country is subject to applicable regulatory approvals. The transaction is expected to close in Q1, 2020.
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