UAE's e& takes $400 million majority stake in ride-hailer Careem's Super App | Reuters
Emirates Telecommunications Group Company (EAND.AD) has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' (UBER.N) Middle East subsidiary, in a transaction valued at $400 million, e& said in a filing on Monday.
The Super App will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, formerly known as Etisalat Group and now called e&.
The ride-hailing business will be separated from the Careem Super App business and will be fully owned by Uber, but will still be available on the super app.
The deal will be financed from e&'s existing cash balance, and subject to regulatory approvals, customary closing conditions and administrative procedures, e& said in the filing.
Reuters reported last month that talks with e& were at an advanced stage and a deal could be announced soon.
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