Egypt Competition Watchdog Approves Uber Acquisition of Careem with Conditions

Business

December 29th, 10:38am

Asharq Al-Awsat

An Uber bus ushers Egypt fans to a football stadium before the start of a game against Ghana. (Reuters)

The Egyptian Competition Authority (ECA) said on Sunday it had approved ride-hailing group Uber’s acquisition of former regional rival Careem after the regulator agreed to a set of commitments proposed by the US-based service. Uber bought Careem for $3.1 billion in March in a deal expected to close in January. Careem will become a wholly owned subsidiary of Uber but will continue to operate as an independent brand with independent management.

from Asharq AL-awsat https://aawsat.com/english/home/article/2057131/egypt-competition-watchdog-approves-uber-acquisition-careem-conditions