DUBAI : UAE-based telecommunications group e& has agreed to sell a 12.5% stake in Careem Technologies to Uber Technologies for $100 million in cash, deepening the U.S. ride-hailing giant’s ownership in the regional technology platform.
The transaction forms part of e&’s existing 50.03% shareholding in Careem Technologies. Upon completion of the deal, e& will retain a 37.53% stake in the company, according to a statement issued on Monday.
The sale comes as Careem Technologies continues to record strong growth across its core business segments in the United Arab Emirates and the wider region. Over the past two years, the company has significantly expanded its market presence, with Gross Transaction Value (GTV) across its key services increasing nearly fivefold.
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Growth has been driven by strong performance in Careem’s food delivery, quick commerce, subscription and digital payments businesses, reinforcing its position as a multi-service lifestyle platform operating across several verticals.
e& said the transaction would enable Careem Technologies to benefit further from Uber’s global technology capabilities, operational expertise and platform synergies as the company enters its next stage of expansion.
The telecoms group added that the partial divestment is consistent with its strategy of maintaining disciplined capital allocation while focusing on core operations, while still retaining exposure to Careem’s future growth through its remaining stake.
As part of the agreement, e& secured a put option allowing it to require Uber to purchase its remaining shareholding in Careem Technologies. Uber has been granted a corresponding call option, enabling it to acquire the remaining stake from e&.
Both options may be exercised during a designated window between December 1, 2031, and January 31, 2032.
e& said it would continue to work closely with Careem’s management team and fellow shareholders to support the company’s long-term development and growth ambitions.
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