Uber‘s acquisition of its Dubai rival, Careem.
Finance news and Gists.
Uber‘s acquisition of its Dubai rival, Careem, has marked the largest transaction in technology industry.
The acquisition of careem by uber in the Middle East is,however, likely to be viewed as anti-competition in Egypt’s ride-hailing market.
The global ride-hailing giant (Uber) and Careem announced the development on Tuesday through a joint statement.
The deal, which is valued at $3.1 billion, gives Uber access to the Middle Eastern region which includes: Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates, etc.
“CAREEM AND UBER ARE JOINING FORCES. WE HAVE REACHED AN AGREEMENT IN WHICH UBER WILL ACQUIRE CAREEM FOR $3.1 BILLION.”
Anti-competition probe: But the acquisition might have contravened some competition rules, even as the Egyptian Government has disclosed that the country would open an investigation into the deal’s impact on competition in the country.
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Oau.
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