Uber May Announce $3 Billion Deal With Careem This Week: Report

Uber’s provide could be discharged during the early part of the week, a third source added.

Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber stocks at a cost equal to $55 per share, Bloomberg had previously reported, citing a term-sheet.

Careem declined comment while Uber did not immediately respond to a request from Reuters to remark.

Uber has been preparing for an initial public offering, and its bankers have suggested that it could be valued at up to $120 billion.

The US-based international logistics and transportation company has been searching for new avenues of growth even as it faces intense competition in its core business of ride-hailing from rivals such as Lyft.

The IPOs of Lyft and Uber represent a watershed for Silicon Valley’s tech unicorns, which for years have snubbed the stock market in favor of increasing capital independently, with investors happy to back their valuations.

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