April 21, 2021

Egypt competition watchdog approves Uber acquisition of Careem with conditions

1 min read

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.

FILE PHOTO: An UBER bus ushers Egypt fans to a soccer stadium before the start of a game against Gh
FILE PHOTO: An UBER bus ushers Egypt fans to a soccer stadium before the start of a game against Ghana. REUTERS/Amr Abdallah Dalsh

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)