Egypt competition watchdog approves Uber acquisition of Careem with conditions

CAIRO: 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 U.S.-based service.

Uber bought Careem for US$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.

(Reporting by Yousef Saba; Editing by Nadine Awadalla and David Holmes)