Egypt approves Uber acquisition of Careem

The Egyptian Competition Authority (ECA) said yesterday 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 dea

Editorial Team Legacy

Published 30 December 2019, 8:00 · Updated 21:29

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Egypt approves Uber acquisition of Careem

The Egyptian Competition Authority (ECA) said yesterday 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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