Uber Technologies (UBER) completed the acquisition of a 12.5% stake in Careem Technologies from Emirates Telecommunications Group (e&) for $100 million in cash, e& said Friday.
The transaction is expected to help Careem leverage Uber's global technology and platform capabilities for its next phase of growth, it said.
The deal also includes reciprocal put and call options over e&'s remaining stake, exercisable between Dec. 1, 2031, and Jan. 31, 2032, it added.
Following the sale, e& will account for its remaining investment in Careem using the equity method under IAS 28.
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