Ending another cutthroat ride-hailing battle ahead of an expected IPO, Uber has agreed to acquire Middle Eastern rival Careem for $3.1B. The company will pay $1.4B in cash and $1.7B in notes that will convert at a price of $55 a share, which is 12% higher than the $49-a-share value paid by investors in an Uber financing round in September. Careem is now active in 84 cities in about 15 countries in the Middle East, and will help Uber achieve its goal of having 1B users across the globe. (SA)
Without any tech companies of their own, The European Parliament is laser-focused on regulating ours – they’ve scheduled for a final vote today on a hotly-contested provision that would overhaul the EU's copyright system. Article 13 would place heavy restrictions on content sharing, ranging from videos to memes and GIFs. If the directive passes, platforms like YouTube, Facebook, and Twitter will be forced to implement so-called "upload filters" to ensure material doesn't run afoul of a copyright or risk being sued. (SA)
China’s President Xi Jinping is in Paris today as he continues his European tour trying to increase support for his signature Belt and Road trade project. His visit to Italy earlier this week proved somewhat controversial as it put further strain on the already shaky government coalition there. The welcome in Paris has been warmer as the delegation from China came with their checkbooks, signing a $35 billion deal to buy 300 new aircraft from Airbus AE. This morning Xi is meeting German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker. (Bloomberg)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.