Egypt competition watchdog approves Uber acquisition of Careem with conditions

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 - The Egyptian Competition Authority 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.

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