Saudi Arabia’s competition authority has approved Uber’s US$3.1 billion acquisition of Middle Eastern ride-hailing app Careem, subject to behavioural commitments.
The regulator stated that following conducting a comprehensive review, it issued a No Objection Certificate with respect to the completion of the acquisition by Uber Technologies of Careem.
However, GAC imposed specific requirements and obligations on the new entity resulting from the acquisition. The completion of Uber’s acquisition of Careem within the Kingdom is to result in one entity, with the two brands continuing to operate separately in the foreseeable future.
Read he requirements imposed on the new entity here.
Full Content: General Authority for Competition
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