London (CNN Business) 1. Uber scoops up Careem: Uber is buying Careem, the biggest ride-hailing app in the Middle East, for $3.1 billion.

Careem was founded in 2012 and has since attracted 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.

Based in Dubai, Careem will operate under its own brand as a subsidiary of Uber and continue to be led by CEO Mudassir Sheikha. In an email to Uber staff members seen by CNN Business, CEO Dara Khosrowshahi said keeping the Careem brand and operations "has the advantage of letting us build new products and try new ideas across not one, but two, strong brands."

Uber is gearing up for an initial public offering that's expected to take place later this year. It's reportedly seeking a valuation of as much as $120 billion.

2. Big win for Airbus: Airbus EADSF has reached a deal to sell 300 passenger jets to Chinese airlines. The agreement was signed during Chinese President Xi Jinping's visit to France.