UAE’s e& Acquires Majority Stake in Careem Technologies for $400 Million
UAE telecommunications company e& has completed the purchase of a 50.03% share in Careem Technologies, commonly referred to as the Careem Everything App, for a total of $400 million.
This investment aligns with e&’s strategic goals to expand its consumer digital services and to advance its evolution into a worldwide technology conglomerate, as announced in a statement to the Abu Dhabi Securities Exchange (ADX) on Friday.
The company financed the acquisition using debt and confirmed that the transaction does not involve any related parties.
Careem Technologies, the newly formed subsidiary, is designed to separate non-ride-sharing operations from Careem. This includes services like food and grocery delivery, financial technology solutions via Careem Pay, micro-mobility with Careem Bike, and other third-party offerings.
Careem Technologies will function alongside Careem’s ride-sharing division, which is still wholly owned by Uber, according to the announcement.
Previously, in April, e& entered into a definitive agreement with Uber Technologies and its affiliate Careem to acquire a controlling interest in Careem Technologies.
