December 29, 2019 / 10:55 AM / 22 days ago

Egypt competition watchdog approves Uber acquisition of Careem with conditions

FILE PHOTO: Careem employees walk past the company's headquarters in Dubai, UAE. Dec. 13, 2018. REUTERS/Satish Kumar/File Photo

CAIRO (Reuters) - 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.

Reporting by Yousef Saba; Editing by Nadine Awadalla and David Holmes

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