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Uber Technologies Inc. will announce a $3.1 billion cash-and-shares deal to acquire its Dubai-based rival Careem Networks FZ as early as this week, according to sources with knowledge of the matter.

The U.S. ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, according to the sources, who asked not to identified because the talks are private. The notes will be convertible into Uber shares at a price equal to $55 per share, according to the term-sheet seen by Bloomberg.

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