Africa Business News of Sunday, 29 December 2019

Source: af.reuters.com

Egypt competition watchdog approves Uber acquisition of Careem with conditions

Company logo for Uber Technologies Inc. Company logo for Uber Technologies Inc.

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 $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.