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  • Egypt competition watchdog approves Uber acquisition of Careem with conditions

Egypt competition watchdog approves Uber acquisition of Careem with conditions

Careem employees walk past the company's headquarters in Dubai, UAE. Dec. 13, 2018. (Reuters)
Careem employees walk past the company's headquarters in Dubai, UAE. Dec. 13, 2018. (Reuters)
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29 Dec 2019 08:12:01 GMT9
29 Dec 2019 08:12:01 GMT9

Reuters, Cairo

  • Uber bought Careem for $3.1 billion in March in a deal expected to close in January

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.

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