e& Acquires 50.03% Stake in Careem

e& has acquired a 50.03 percent stake in Careem Technologies, also known as the Careem Everything App in a deal worth $400 million, according to an announcement.^[1]  

The transaction's details were made public on the Abu Dhabi Securities Exchange (ADX), and it has no connections to any associated parties and is financed by debt.

As a relatively new company, Careem Technologies focuses on non-rideshare services, such as grocery and food delivery, financial services enabled by Careem Pay, micro-mobility services provided by Careem Bike, and other services provided by third parties.

Uber still owns all of Careem's ridesharing business, which this acquisition enhances.