Uber Boosts Stake in Commerce App Careem for $100 Million

Uber Technologies Inc. has acquired a further 12.5% stake in delivery and payments app Careem from Emirates Telecommunications Group PJSC, as the US ride-hailing giant pursues an expansion strategy across the Europe, Middle East and Africa.

Uber is paying $100 million in cash for the stake in Careem, a regional “super app” from the Gulf that offers food and grocery delivery and payments, e& said in a statement on Monday. Uber already owns Careem’s ride-hailing business.

The agreement includes reciprocal put and call options that allow either party to require the sale of e&’s remaining 37.53% stake in Careem, ...