e& Sells 12.5% Stake in Careem Technologies to Uber for USD 100 Million
e& announced that it has signed a binding agreement with Uber Technologies to sell 12.5% of its stake in Careem Technologies for a total cash consideration of USD 100 million.
According to the company, e& currently owns 50.03% of Careem Technologies and will retain a 37.53% ownership stake following completion of the transaction.
e& stated that over the past two years, Careem Technologies accelerated revenue growth and expanded market share across the UAE, supported by strong momentum across:
• Food delivery
• Quik services
• Careem Plus
• Careem Pay
The company added that gross transaction value (GTV) in Careem’s core services grew nearly fivefold during the period.
e& stated that the transaction will allow Careem Technologies to benefit from Uber’s global technology capabilities and platform synergies as the company enters its next phase of growth.
The transaction also reflects e&’s strategic focus on:
• Core business operations
• Disciplined capital allocation
• Long-term shareholder value creation
According to the disclosure, the agreement also includes:
• A put option allowing e& to require Uber to purchase its remaining stake in Careem Technologies
• A reciprocal call option allowing Uber to require e& to sell its remaining stake
The options will be exercisable between 1 December 2031 and 31 January 2032.
Completion of the transaction remains subject to regulatory approvals and customary closing conditions.
Source: Abu Dhabi Securities Exchange (ADX) Disclosure / e&
Disclaimer: This post is for informational purposes only and should not be considered investment or financial advice.