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Saudi competition authority permits Uber, Careem deal

Saudi competition authority permits Uber, Careem deal
The deal is expected to be completed early next year

Riyadh – Mubasher: The Saudi General Authority for Competition (GAC) released on Tuesday a report on the proposed acquisition by Uber to Careem.

GAC found no reasons to oppose the deal, with a number of conditions for the new entity.

The acquisition is expected to result in a new firm with the two brands staying separately in the near future.

The study was requested by Uber to review the results of the economic concentration resulting from the deal.

GAC said that it carried the study as part of its national role to protect competition and combat monopolistic practices.

Uber and Careem reached an agreement in March for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The transaction is expected to close in the first quarter (Q1) of 2020.