Uber, Careem join forces to deliver exceptional outcomes for Egypt
Uber's spokesperson stated that Uber welcomed the Egyptian Competition Authority's decision to approve Uber's pending acquisition of Careem.
On Dec. 29, the Egyptian Competition Authority announced its approval of Uber’s pending acquisition of Careem. With this approval, the transaction is expected to close in early 2020. This decision comes after both companies agreed on the acquisition in March 2019, pending regulatory approvals across the Middle East, North Africa, and Pakistan.
Approvals have been granted in the UAE, Jordan, KSA, and Egypt, and both Uber and Careem continue to work with the relevant antitrust authorities to obtain the remaining approval in Pakistan, Qatar and Morocco.
This deal will allow Uber and Careem to continue to drive economic growth and productivity by further increasing the efficiency of the overall transportation network and better connecting workers to jobs, business to customers, and citizens to public services.
It will also serve as a catalyst for the regional technology ecosystem, increasing budding Middle Eastern entrepreneurs’ access to the resources of both local and global investors.
Moreover, the deal represents a large and long-term investment into the country by a leading global technology company; it is a globally visible endorsement of the country’s overall investment environment, its openness to innovation, and its ability to diversify beyond traditional sources of foreign investment.
In March, Uber announced reaching an acquisition agreement with Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.
CAIRO - 26 March 2019: Uber announced on Tuesday reaching an acquisition agreement with Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. Uber added in an official statement that the transaction is expected to close in Q1 2020, clarifying that the acquisition of Careem is subject to applicable regulatory approvals.