FILE PHOTO: An UBER bus ushers Egypt fans to a soccer stadium before the start of a game against Ghana. REUTERS/Amr Abdallah Dalsh
December 29, 2019
CAIRO (Reuters) – The Egyptian Competition Authority (ECA) said on Sunday it had approved ride-hailing group Uber’s <UBER.N> 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.
(Reporting by Yousef Saba; Editing by Nadine Awadalla and David Holmes)
