June 18, 2019 / 6:24 AM / a month ago

Uber to retain Careem brand for now - Careem CFO

FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo

DUBAI (Reuters) - Uber and Middle East ride-hailing business Careem will remain separate entities until at least the first quarter of 2020, when Uber’s acquisition is expected to close, Careem’s CFO said on Tuesday.

The $3.1 billion dollar acquisition will make Careem a wholly owned subsidiary of Uber, but the Careem brand and app will remain intact, at least initially.

Maintaining two separate brands in the same market is better for competition, Ankur Shah said at a financial conference in Dubai.

Reporting by Davide Barbuscia; Editing by David Goodman

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