According to sources Uber Technologies Inc is all set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ.
Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as $120 billion.
Firm will pay $1.4 billion cash, $1.7 billion in convertible notes
The U.S.-based global logistics and transportation company has been seeking new avenues of growth even as it faces severe competition in its core business of ride hailing from rivals like Lyft Inc.
a deal would signal its commitment to the Middle East, where one of its biggest investors — a Saudi Arabian sovereign wealth fund — is based.