Business News of Monday, 30 December 2019Source: www.reuters.comUber’s $3.1 billion acquisition of Egypt’s ride-hailing service Careem approvedThe deal is expected to close in January 2020Egyptian regulators have approved Uber’s $3.1 billion acquisition of regional rival Careem, after agreeing to a set of commitments proposed by the U.S.-based ride-hailing service meant to reduce harm to competitors. The Careem acquisition was announced in March after more than nine months of stop-start talks between the two companies, handing Uber a much-needed victory after a series of overseas divestiture. “We welcome the decision by the Egyptian Competition Authority (ECA) to approve Uber’s pending acquisition of Careem,” a spokesman for Uber said. Excluding surge pricing and promotions, Uber will cap its yearly fare increases beyond inflationary costs at 10% for Uber X and Careem GO, the most popular services in Egypt. Surge pricing, a mechanism that raises prices when demand far exceeds supply, will also be capped on Uber X and Careem GO at 2.5 times.

Source: GhanaWeb December 30, 2019 03:00 UTC