FILE PHOTO: An UBER bus ushers Egypt fans to a soccer stadium before the start of a game against Ghana. REUTERS/Amr Abdallah Dalsh
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
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source: reuters.com