Uber Technologies is set to offer over three billion USD to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters. Uber’s offer could be unveiled during the early part of this week, a third source added.

Uber will pay 1.4 billion USD in cash and 1.7 billion USD in convertible notes, which will be convertible into Uber shares at a price equal to 55 USD per share, Bloomberg had earlier reported, citing a term-sheet.

Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as 120 billion USD.