Uber Technologies Inc. and Careem Inc. have filed a request to the Saudi General Authority for Competition (GAC) to approve the economic concentration arising from the planned merger of both entities.

 

The economic concentration process will occur as Uber buys ride-hailing app Careem for $3.1 billion, the authority said in a statement.

 

As per the regulations, the competition authority invited concerned stakeholders and businesses to cast their opinion on the matter within 15 days.

 

In March, Dubai's ride-hailing app Careem was acquired by Uber for $3.1 billion, as Careem will become a wholly-owned subsidiary of Uber, but will continue to operate independently. The transaction consisted of $1.7 billion in convertible notes, and $1.4 billion in cash.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request