محمد يحي
- e& Signs Agreement to Partially Sell Its Stake in Careem Technologies to Uber for $100 Million
- Completion of the transaction will allow e& to retain a 37.53% stake in Careem Technologies, while maintaining its strategic relationship with the company and supporting its future growth trajectory.
e& (Emirates Telecommunications Group Company PJSC) has signed a binding agreement with Uber Technologies to sell a 12.5% stake in Careem Technologies for $100 million (AED 367 million), in a partial divestment that reflects a strategic portfolio adjustment.
Following completion of the transaction, e& will retain a 37.53% ownership stake in Careem Technologies, while maintaining its strategic alignment with the company and supporting its future growth trajectory.
The company noted that Careem Technologies has significantly strengthened its operational performance over the past two years, expanding its market share in the UAE, driven by a nearly fivefold increase in transaction volumes across its core services, including delivery, payments, and digital platforms.
The deal is part of a broader strategy focused on long-term shareholder value creation, while leveraging Uber’s global technology expertise to unlock synergies and support the next phase of Careem’s expansion.
The agreement also includes mutual put and call options over the remaining stake held by e&, exercisable between September 2031 and January 2032, providing flexibility for future exit or continued participation.
e& confirmed that, upon completion, it will revise the accounting treatment of its investment in Careem Technologies to the equity method in line with IAS 28 standards.
The transaction remains subject to regulatory approvals and customary closing conditions, with any material developments to be disclosed in accordance with applicable regulations.
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