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e& completes deal to buy stake in Careem super-app

Abu Dhabi-listed e& owned 20% of the UK’s Vodafone as of August 2023 Reuters
Abu Dhabi-listed e& owned 20% of the UK’s Vodafone as of August 2023

e&, formerly known as Etisalat, has completed the acquisition of a 50.03 percent stake in Careem Technologies for $400 million.

The investment is part of the Emirati telco’s strategy to scale up its consumer digital offering and accelerate its transformation to a global technology group, the company said in a statement published on the Abu Dhabi Securities Exchange (ADX).

The transaction will be financed through debt and is not associated with related parties.

Careem Technologies operates the Careem Everything App, which is a new entity created by carving out the non-rideshare businesses from Careem. The app will operate alongside Careem’s rideshare business, which remains fully owned by US ride-hailing giant Uber.

The acquisition was first announced in April this year.

Established in Dubai in 2012 offering a ride-hailing service, Careem has grown to what it calls a “super-app”, offering a range of services from local and global companies, including laundry, home cleaning and car rentals.

Careem, which operates across 80 cities in 10 countries, was acquired by US rival Uber in 2020 for $3.1 billion.

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