09:07 p. M
Thursday February 28, 2019
Cairo – Masrawy
LONDON (Reuters) – Ober International is in advanced stages of discussions about the purchase of its rival in the Middle East, Karim, as reported by the Bloomberg news network.
Bloomberg said the deal could cost about $ 3 billion and would be paid in the coming weeks, according to people who refused to be identified because negotiations on the deal were confidential.
The representatives of the two companies refused to comment on the matter to Bloomberg, while the network indicated that the ongoing negotiations did not mean reaching a definitive agreement.
The company, based in the city of San Francisco, America, has been growing recently and expanded to transport food and logistics.
In July, the two companies held initial negotiations for integration in the Middle East in the hope of solving the costly competition crisis for both.
Among the supporters of the company "Karim" Saudi entrepreneur and billionaire Alwaleed bin Talal, and "Rakuten" Japanese.
The value of Karim in 2016 was about $ 1 billion and was one of the most valuable emerging companies in the Middle East.
The company has more than one million drivers and operators in more than 100 cities according to their official location.