The Super App will be managed by Careem founders Mudassir
Sheikha and Magnus Olsson, said the company, formerly known as Etisalat Group
and now called e&.
The ride-hailing business will be separated from the Careem
Super App business and will be fully owned by Uber, but will still be available
on the super app.
The deal will be financed from e&’s existing cash
balance, and subject to regulatory approvals, customary closing conditions and
administrative procedures, e& said in the filing.
Reuters reported last month that talks with e& were at
an advanced stage and a deal could be announced soon.
Careem began seeking outside investors last year to help
finance its Super App, which offers services outside its core ride-hailing
business such as food delivery, bike rentals, digital payments and courier
services.
Etisalat rebranded to e& in June last year as the
majority state-owned telco company embarked on a new strategy to position
itself as a global technology and investment conglomerate.
E& said the transaction fits into its own ambitions to
scale up consumer digital offerings and would allow the company to take
advantage of the app to boost the growth of its consumer digital services.
Uber and Careem’s co-founders Sheikha, Olsson and Abdullah
Elyas have the remaining stakes in the super app, a Careem spokesperson said. -Reuters