Uber to buy Mideast rival Careem: report

Uber is set to buy its Middle Eastern rival Careem for $3.1 billion, financial news agency Bloomberg reported Sunday.

The deal, expected to be announced Tuesday, will see Uber pay $1.4 billion in cash and the rest in notes convertible to Uber shares, Bloomberg reported, citing people with knowledge of the matter.

It comes as Uber prepares for its initial public offering—expected next month—which could, according to some estimates, see the rideshare giant's value increase to $100 billion.

Dubai-based Careem boast more than a million drivers and 30 million users across 90 cities.