A tech holding company signed a binding agreement with Uber to acquire a 50.03% majority stake in the spinout with a $400 million investment. The spinout will be known as Careem Technologies.
Careem’s ride-hailing business remains fully owned by Uber, which acquired it for $3.1 billion in 2019. Uber’s stake in the spinout is currently undisclosed.
Careem Technologies will focus on the growth of the company’s “super app,” which offers dozens of services beyond ride-hailing in one app.
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