e& Completes Acquisition of Majority Stake in Careem Technologies

UAE telecom operator e& has successfully acquired a 50.03% stake in Careem Technologies, commonly known as the Careem Everything App, for a substantial $400 million.

The announcement was made through a disclosure on the Abu Dhabi Securities Exchange (ADX) last Friday, where e& detailed its commitment to expanding its presence in the digital realm.

The acquisition, funded through debt, is entirely independent of any related parties, according to the company.

Careem Technologies, established as a separate entity to encompass non-rideshare ventures, specializes in a diverse range of services.

These include food and grocery delivery, financial technology services under Careem Pay, micro-mobility through Careem Bike, and various third-party offerings.

Notably, it will continue to run alongside Careem's rideshare business, which remains under the full ownership of Uber, as specified in the official statement.

This significant move follows e&'s binding agreement, inked last April, with Uber Technologies and its subsidiary, Careem.

The completion of this acquisition underscores e&'s commitment to shaping the future of technology and digital services on a global scale.

Cleofe Maceda / Zawya