CAIRO (Reuters) – Egyptian regulators have approved Uber’s $3.1 billion acquisition of regional rival Careem after agreeing to a set of commitments proposed by the U.S.-based ride-hailing service meant to reduce harm to competitors.
FILE PHOTO: An UBER bus ushers Egypt fans to a soccer stadium before the start of a game against Ghana. REUTERS/Amr Abdallah Dalsh
The Careem acquisition was announced in March after more than nine months of stop-start talks between the two companies, handing Uber a much-needed victory after a series of overseas divestments.
The deal is expected to close in January, depending on regulatory approval in various territories of which Egypt is among the most significant. Egypt, with a booming population seen swelling to 100 million, is the biggest in the Middle East for ridehailing services.
Careem will become a wholly owned subsidiary of Uber but will continue to operate as an independent brand with independent management.