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Egypt rivals watchdog approves Uber acquisition of Careem with circumstances

//Egypt rivals watchdog approves Uber acquisition of Careem with circumstances

Egypt rivals watchdog approves Uber acquisition of Careem with circumstances

December 29, 2019

5:17 AM EST

Last Updated

December 29, 2019

5:17 AM EST

CAIRO — The Egyptian Rivals Authority (ECA) said on Sunday it had permitted journey-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 $three.1 billion in March in a deal anticipated to close in January. Careem will turn into a completely owned subsidiary of Uber nevertheless will proceed to perform as an unbiased mannequin with unbiased administration. (Reporting by Yousef Saba Modifying by Nadine Awadalla and David Holmes)

2020-01-01T23:56:05+00:00|Business|

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