Uber logo. Photographer: Tomohiro Ohsumi/BloombergFreshfields Joins Top Tech Firms on $3BN Uber Deal
The magic circle firm joined two West Coast firms on the $3.1B acquisition of Dubai-based ride-hailing business Careem.
March 26, 2019 at 03:04 PM
2 minute read
Freshfields Bruckhaus Deringer advised a significant shareholder in Middle East car booking app Careem, during the company's acquisition by U.S. rival Uber for $3.1 billion, announced earlier today.
Lead roles on the deal went to U.S. firms Morrison & Foerster, which advised Uber, and Wilson Sonsini Goodrich & Rosati, which advised Careem.
A source familiar with the deal confirmed that Freshfields advised the Careem shareholder, Saudi Telecoms Company (STC), although Freshfields declined to comment.
Freshfields and STC have a longstanding relationship. The firm advised the Saudi business on its $3 billion acquisition of Malaysian telecoms provider Maxis Communications back in 2007. The 2007 deal was led by former Dubai corporate partner Bruce Embley, who now co-heads the global M&A group at Freshfields.
Corporate partners Eric McCrath and Lauren Bellerjeau led for MoFo on Uber's side. MoFo IP partner Tessa Schwartz, tax partner Anthony Carbone, privacy partner Julie O'Neill and employment partner Eric Tate also worked on the deal.
MoFo previously defended Uber in its trade secrets lawsuit over self-driving technology against Google's Waymo in 2017, and also acted as sole counsel to Japanese financial juggernaut SoftBank during its multibillion-dollar investment in Uber last year.
Wilson Sonsini corporate partners Mark Holloway and Kathy Ku acted for Careem.
The $3.1 billion transaction is expected to close in the first quarter of next year, subject to regulatory approvals, and will make Careem a wholly owned subsidiary of Uber. The total value consists of $1.7 billion in convertible notes and $1.4 billion in cash, according to a statement provided by Uber.
Legal Week affiliate The Recorder listed Uber's impending IPO as one of the 10 biggest to watch out for in 2019, alongside rival car-sharing app Lyft, Peter Thiel-backed Palantir, and social media company Pinterest.
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