{"id":599371,"date":"2019-06-26T04:00:18","date_gmt":"2019-06-26T04:00:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/uae-authorities-greenlight-uber-careem-merger-egypts-eca-yet-to-decide\/"},"modified":"2019-06-26T04:00:18","modified_gmt":"2019-06-26T04:00:18","slug":"uae-authorities-greenlight-uber-careem-merger-egypts-eca-yet-to-decide","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/uae-authorities-greenlight-uber-careem-merger-egypts-eca-yet-to-decide\/","title":{"rendered":"UAE authorities greenlight Uber-Careem merger, Egypt\u2019s ECA yet to decide"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a><b> UAE authorities greenlight Uber-Careem merger: <\/b>Emirati Minister of Economy Sultan bin Saeed Al Mansouri has given \u201cunconditional approval\u201d to Uber\u2019s planned <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/27\/uber-careem-sign-agreement-to-proceed-with-acquisition\/\">USD 3.1 bn acquisition of Careem<\/a>, Uber <a href=\"https:\/\/ent.news\/2019\/6\/2336.pdf\">announced yesterday (pdf)<\/a>, making it the first jurisdiction to sign off on the transaction.\u201cThe integration of expertise, competencies and modern technologies ultimately serve[s] the interests of consumers,\u201d reads the ministerial decree. The Emirati ministry sees the move as beneficial to the wider economy, saying it will lead to a more efficient transportation network, improve the region\u2019s tech ecosystem, contribute to a \u201cmore dynamic\u201d competitive landscape, and send a \u201cglobally visible\u201d endorsement letter to prospective investors.<\/p>\n<p><b>Egypt\u2019s competition watchdog hasn\u2019t been as welcoming of the merger:<\/b> The Egyptian Competition Authority (ECA) has been a critic of the merger since before Uber and Careem announced they were in talks for the transaction, <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/25\/egypt-competition-watchdog-warns-uber-and-careem-of-fines-up-to-egp-500-mn-each-in-case-of-merger\/\">threatening each company<\/a> with a fine of up to EGP 500 mn at the time. The ECA said that the agreement could \u201clead to a significant impediment on effective competition in the markets\u201d and said it would take a decision after 60 working days of receiving official confirmation of the merger.<\/p>\n<p><b>Glovo\u2019s return will go down as a win for the ECA: <\/b>The authority said in <a href=\"https:\/\/ent.news\/2019\/6\/1105.pdf\">a statement yesterday (pdf)<\/a> that it had received an official letter from delivery app Glovo and partial owner Delivery Hero confirming that both will operate in Egypt \u201cin accordance with the Antitrust Act.\u201d Glovo, which <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/19\/glovo-returns-to-egypt-resumes-services-in-cairo\/\">reversed last week<\/a> an <a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/05\/58549574_862910197435297_8087064393461792768_n.jpg\">earlier decision<\/a> to exit Egypt, told the authority it will reactivate its app and advertise its return. Delivery Hero, meanwhile, pledged not to exploit the access it has through its partial ownership of Glovo or exchange classified strategic information that may run in violation of the act.<\/p>\n<p><b>Background:<\/b> Glovo\u2019s decision to exit Egypt last May came immediately after it secured a EUR 150 mn series D funding round led by <a href=\"https:\/\/www.lakestar.com\/\">Lakestar<\/a>. The app then began directing users to Otlob, the food delivery app owned and operated by Delivery Hero. The ECA then ordered the company to return, accusing it of a deliberate, anti-competitive arrangement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UAE authorities greenlight Uber-Careem merger: Emirati Minister of Economy Sultan bin Saeed Al Mansouri has given \u201cunconditional approval\u201d to Uber\u2019s planned USD 3.1 bn acquisition of Careem, Uber announced yesterday (pdf), making it the first jurisdiction to sign off on the transaction.\u201cThe integration of expertise, competencies and modern technologies ultimately serve[s] the interests of consumers,\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":599372,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[442,72,7128,343,328,2380,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-careem","tag-enterpriseam","tag-ma-watch","tag-regulation","tag-ride-hailing","tag-speed-round","tag-uber","wpautop","entry"],"acf":{"mongo_id":"24f64a1e-d44c-41b9-b2df-f96d175d4fca","is_powered_by":true,"section_story_id":"9498d53f-aa9d-4349-84b1-c074c7b554c2","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/4\/5.jpg","photo_position":"above","related_issue":[599358],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Uber and Careem\u2019s combined\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596961,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/eca-extends-technical-examination-period-of-uber-careem-merger\/","url_meta":{"origin":599371,"position":1},"title":"ECA extends technical examination period of Uber-Careem merger","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"ECA gives itself more time to rule in Uber-Careem merger: The Egyptian Competition Authority (ECA) has extended the period during which it is studying Uber\u2019s recent USD 3.1 bn acquisition of Careem by an additional 60 days, according to an ECA statement. The watchdog originally said it would take 60\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/uber-careem-merger-official-in-egypt-saudi-uae-jordan\/","url_meta":{"origin":599371,"position":2},"title":"Uber-Careem merger official in Egypt, Saudi, UAE, Jordan","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"M&A WATCH- Uber-Careem merger done in Egypt, Saudi, UAE, Jordan: Uber has formally closed its acquisition of Careem in most major markets, including Egypt. The transaction is still pending regulatory approvals to close in Qatar, Pakistan, and Morocco, Uber said in a statement. For now, Careem will become a wholly-owned\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621902,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/","url_meta":{"origin":599371,"position":3},"title":"Careem in talks with adviser on potential Uber merger","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"M&A WATCH- Uber, Careem merger talks appear to be in advanced stages despite Egyptian Competition Authority warning: Dubai-based ride-hailing operator Careem is using investment bank Jefferies as an advisor on a potential merger with Uber, three inside sources told Reuters. The news suggests Careem and Uber are ignoring a sharp\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590642,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules\/","url_meta":{"origin":599371,"position":4},"title":"Merged Uber-Careem to operate in Egypt under ECA rules","author":"enterpriseam admin","date":"30 December 2019","format":false,"excerpt":"Uber-Careem merger gets green light from competition authority with a couple of minor caveats: The Egyptian Competition Authority (ECA) has granted regulatory approval for Uber\u2019s USD 3.1 bn acquisition of Careem, imposing only a handful of conditions designed to \u201cprotect the rights of riders, drivers, and investors,\u201d the competition watchdog\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/3061.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597774,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/egyptian-competition-authority-uber-careem-meet-to-smooth-out-regulatory-snags-in-merger-process\/","url_meta":{"origin":599371,"position":5},"title":"Egyptian Competition Authority, Uber, Careem meet to smooth out regulatory snags in merger process","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"Competition authority meets with Uber, Careem on merger: The Egyptian Competition Authority (ECA) met on Thursday with representatives from Uber and Careem to discuss the regulatory approvals necessary for the ride-hailing companies\u2019 planned merger, the ECA said in a statement (pdf). The sit-down \u201cfocused on the extent to which investments\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=599371"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599371\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599372"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599371"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599371"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}