Kingdom Holding receives SAR1.25B from Uber-Careem deal

CAIRO – 26 March 2019: Kingdom Holding Co announced Tuesday that it completed the sale of its shares in Careem to Uber in a deal worth SAR 1.25 billion ($333.17 million) as part of Uber acquisition of Careem.

The company said in a statement on the Saudi Exchange “Tadawul” that it will receive SAR 565 million in cash, and will acquire convertible bonds at Uber for SAR 685 million.

Kingdom Holding expected a profit of SAR 485 million, with an impact in the first quarter of 2019.

It clarified that the proceeds from the sale will be used in future investments of the company, adding that the book value of the asset is SAR 765 million, and there is no financial data for the last three years.

Al-Waleed bin Talal owns 95 percent of Kingdom Holding which operates within the diversified financial sector focusing on Multi-Sector Holdings.

Earlier on Tuesday, Uber announced reaching an acquisition agreement with Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.

Uber acquires Careem for $3.1B

CAIRO - 26 March 2019: Uber announced on Tuesday reaching an acquisition agreement with Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. Uber added in an official statement that the transaction is expected to close in Q1 2020, clarifying that the acquisition of Careem is subject to applicable regulatory approvals.