UAE’s e& concludes acquisition of majority stake in Careem Technologies – The National

UAE’s e& concludes acquisition of majority stake in Careem Technologies – The National

UAE telecoms and technology company e& has completed the acquisition of a 50.03 per cent stake in Careem Technologies, commonly known as Careem Everything App, for $400 million, the conglomerate said on Friday.E& signed the deal in April to purchase a majority stake in Careem Everything App, which is a new entity created by carving out the non-rideshare businesses from Careem. The app will operate alongside Careem’s rideshare business, which is fully owned by the US ride share firm Uber.The capital will be invested to “grow the business”, e& said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.“This investment is in line with e&’s strategic ambition of scaling up its consumer digital offering and accelerating its transformation to a global technology group,” e& said.The deal will allow e& to tap into multiple digital services, access talented professionals and expand its reach across different geographies, it said.The transaction is financed through debt and the financials of Careem Everything App will be consolidated into e&’s financials this month, according to the bourse filing.In October, e&, formerly known as the Etisalat Group, reported that its net profit jumped 20 per cent in the third quarter