Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
The UAE and the Gulf countries have seen a flurry of merger and acquisition activities in the post-pandemic period.
Technology is one of the sectors where mergers and acquisition (M&A) activity is quite high.
According to EY’s 2022 data, M&As in the Middle East and North Africa region grew 13 per cent to 754 deals, with the UAE topping the region.
On Monday, the UAE-based e& acquired a majority stake in Careem’s Super App.
Here is all we know so far about this mega deal:
What is e& and Careem’s Super App?
e&, previously known as Etisalat Group, is a leading technology and investment group with a net profit of Dh10 billion for 2022. In recent years, e& has transformed into a global technology and investment group. The company is integrating emerging technologies into its expanding business verticals. e& has 163 million subscribers across 16 countries in the Middle East, Asia and Africa.
Careem is building ‘the everything app’ for the greater Middle East, making it easier than ever to move around, order food and groceries, manage payments, and more.
How much did e& spend for its stake in Careem’s Super App?
e& spent $400 million (Dh1.468 billion) to buy a majority stake in the Super App alongside Uber and all three of Careem's co-founders.
What does the Super App offer?
It offers over a dozen services including food and grocery delivery, micro-mobility, a digital wallet and a suite of fintech services, and additional third-party services such as home cleaning, car rental and laundry.
This will also include expanding its core food, grocery, and fintech services and the Careem Plus subscription programme across the region while adding even more partner services to the app.
Who owns Careem's ride-hailing business now??
Careem’s ride-hailing business will remain fully owned by Uber and will continue to be available with all other Careem services on the existing app for customers.
Why did Careem sell a stake in its Super App?
Careem expects significant synergies with e& and anticipates benefiting from e&’s large customer base and extensive experience scaling complex tech-enabled businesses across a largely shared geographic footprint.
How will e& benefit from the deal?
This investment will help e& scale up consumer digital offerings and accelerate its transformation. It provides e& with access to multiple digital verticals, new innovative digital services, strong talent, and new geographies. e& will leverage the Careem Super App to boost the growth of its consumer digital services, including the expansion of e& life’s fintech vertical, e& money, which will play an important role in the super app vision by providing e& money’s powerful financial service offerings.
Is the takeover complete?
Completion of the transaction remains subject to regulatory approvals from the UAE authorities, customary closing conditions, and administrative procedures.
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