- E& successfully acquires a 50.03% stake in Careem Technologies, the Careem Everything App, for $400 million, aligning with its strategic goal to enhance consumer digital offerings and evolve into a global technology powerhouse.
- The transaction details, revealed on the Abu Dhabi Securities Exchange (ADX), indicate the acquisition is debt-financed and devoid of affiliations with related parties.
- Careem Technologies, now a newly established entity, specializes in diverse non-rideshare services, including food and grocery delivery, fintech via Careem Pay, micro-mobility through Careem Bike, and various third-party services. This acquisition complements Careem’s rideshare business, still fully owned by Uber.
- In October, e&, formerly known as the Etisalat Group, reported a notable 20% increase in net profit, reaching $816 million during the third quarter.
E& has completed the acquisition of a 50.03% stake in Careem Technologies, recognized as the Careem Everything App, for a total of $400 million, according to media reports.
This strategic step by the UAE telecom operator is in alignment with its objective to elevate its consumer digital offerings and hasten its evolution into a global technology conglomerate.
The details of the transaction were disclosed on the Abu Dhabi Securities Exchange (ADX) and are funded through debt, with no affiliations to related parties.
Careem Technologies, now a newly established entity, specializes in non-rideshare services, encompassing food and grocery delivery, fintech facilitated by Careem Pay, micro-mobility through Careem Bike, and various third-party services.
This acquisition complements Careem‘s rideshare business, which continues to be fully owned by Uber.
It also reflects a larger trend in the telecommunications sector, as companies integrate new technologies into their operations to expand customer reach and explore supplementary revenue streams.
In October, e&, previously recognized as the Etisalat Group, announced a 20% surge in net profit to $816 million during the third quarter.
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