Riyadh – Mubasher: Saudi Telecom Company (STC) on Tuesday announced its expected revenues from the sale of its 8.8% stake in Careem to US-based Uber Technologies.
STC will receive around $274 million in cash along with Uber’s convertible notes, the telecom operator said in a statement to the Saudi Stock Exchange (Tadawul).
The final exact split will be determined at the end of the sale deal after obtaining the required regulatory approvals, the Saudi firm noted.
STC invested $100 million in Careem in January 2017 and also indirectly invested in the Dubai-based ride-hailing app through STC Ventures and Saudi Technology Ventures which hold 6.4% and 2.9% stakes, respectively.
Uber signed an agreement to acquire its Middle East rival Careem for $3.1 billion, of which $1.4 billion will be paid in cash and $1.7 billion in convertible notes.
