e& sells $100M Careem stake to Uber, with options to exit fully by 2032
What's the deal? Emirates Telecommunications Group (e&Dealroom has a profile for this one. Try Dealroom →) has sold a 12.50% stake in CareemDealroom has a profile for this one. Try Dealroom → Technologies Holding to Uber Technologies for $100 million in cash. The sale reduces e&'s holding from its previous 50.03% stake in the ride-hailing and services firm.
What's the endgame? Beyond the cash, e& secured a put option that lets it require Uber to buy its remaining Careem shares. Uber holds a reciprocal call option to require e& to sell those shares.
Both options are exercisable between December 1, 2031, and January 31, 2032 — setting a clear path for e& to fully exit and for Uber to consolidate control.
Why now? e& framed the move as part of a "strategic focus" on its core businesses and "disciplined capital allocation priorities." It said the deal lets it benefit from Uber's "global technology experience and platform synergies" for Careem's next growth phase.
What changes? The accounting shifts from July 31, 2026, when e& will move to the equity method under IAS 28. Careem's revenue and EBITDA will no longer be consolidated for the six-month period, appearing separately after profit from continuing operations in e&'s statement for the period ended June 30, 2026.
The signal: The deal deepens Uber's foothold in the Middle East, where Careem operates as a super-app spanning ride-hailing, delivery, and payments. It also marks a telco stepping back from a consumer platform bet to concentrate on connectivity — a recurring pattern as operators reassess non-core holdings.
Read more: Argaam
Image credit: Generated with Gemini
