Uber Technologies Inc. could announce a $3.1 billion cash-and-stock deal to acquire Dubai-based Careem Networks FZ LLC the week of March 25, Bloomberg News reported, citing people familiar with the matter.

Uber reportedly has asked Careem investors, including Saudi Prince Alwaleed bin Talal's investment firm Kingdom Holding Co. and Japanese e-commerce company Rakuten Inc., to approve the deal March 25. A deal could be announced as early as March 26, according to the report.

The move comes ahead of Uber's expected public filing for IPO at NYSE in April and could confirm February reports that it was planning to acquire Rakuten Inc.-backed Careem for about $3 billion.

The U.S. ride-hailing service is likely to pay $1.4 billion in cash and $1.7 billion in convertible notes for its Middle Eastern rival, the sources reportedly said. The notes can be converted into Uber shares at a price of $55 apiece, Bloomberg said, citing a term sheet.

Careem's other backers include Daimler AG and Didi Chuxing Technology Co. Ltd., according to S&P Global Market Intelligence data.

Both Uber and Careem did not immediately respond to S&P Global Market Intelligence's request for comment.