Uber is buying its Middle East rival Careem for $3.1B

It’s paying $3.1 billion for Careem in a mixture of cash and convertible notes, the companies said in a statement Tuesday.

Careem, based in Dubai, was founded in 2012 and has since become the regional market leader with 30 million users across 90 cities in the Middle East, North Africa and Pakistan. It was valued at more than $2 billion in a funding round in October.