Global ride-hailing giant Uber will acquire its Middle East rival Careem for $3.1 billion in the region's largest technology industry transaction, the two companies announced on Tuesday.Egypt, a major market for the two firms, announced later on Tuesday that it would open an investigation into the deal's impact on competition in the country.
Careem said it would retain its branding, services and separate app in the greater Middle East region. It was expanding its services to include mass transportation, delivery and payments. The acquisition comes as Uber prepares for its initial public offering – expected next month – which could, according to some estimates, see the rideshare giant's value increase to $100 billion .Dubai-based Careem, established in 2012, boasts more than a million drivers and 30 million users across 120 cities in the Middle East and North Africa.
"This is an important moment for Uber as we continue to expand the strength of our platform around the world," Khosrowshahi said. "Joining forces with Uber will help us accelerate Careem's purpose of simplifying and improving the lives of people, and building an awesome organisation that inspires," Sheikha said.
The Egyptian Competition Authority said it would wait for formal notification of the deal from the two companies before launching an investigation.
Source: News Formal (newsformal.com)
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