December 29, 2019 / 10:21 AM / 25 days ago

Egypt competition watchdog approves Uber acquisition of Careem with conditions

CAIRO, Dec 29 (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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