{"id":621902,"date":"2018-11-21T04:17:56","date_gmt":"2018-11-21T04:17:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/"},"modified":"2018-11-21T04:17:56","modified_gmt":"2018-11-21T04:17:56","slug":"careem-in-talks-with-adviser-on-potential-uber-merger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/","title":{"rendered":"Careem in talks with adviser on potential Uber merger"},"content":{"rendered":"

<\/a> M&A WATCH- Uber, Careem merger talks appear to be in advanced stages despite Egyptian Competition Authority warning: <\/strong>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<\/a>. The news suggests Careem and Uber are ignoring a sharp warning<\/a> from Egypt\u2019s competition watchdog last month that the companies could face fines up to EGP 500 mn apiece if they were to follow through with the merger. Two of the sources pointed out to the newswire that appointing the investment bank to advise on the potential merger with Uber may signal that talks have entered a \u201cserious\u201d stage.<\/p>\n

Background:<\/strong> A warning from the Egyptian Competition Authority (ECA) had said that the merger would be anticompetitive. The move came as the ECA has sought expanded powers to sign off on M&A worth more than EGP 100 mn. Both companies denied reports in July<\/a> that Uber was in talks to acquire Careem, but Bloomberg revealed in September<\/a> that talks were ongoing over the potential merger, which could be worth as much as USD 2-2.5 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 warning from Egypt\u2019s competition watchdog […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[442,549,72,7128,2380,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621902","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-careem","tag-egyptian-competition-authority","tag-enterpriseam","tag-ma-watch","tag-speed-round","tag-uber","wpautop","entry"],"acf":{"mongo_id":"47df3e7f-72d8-4a33-a7e8-c6efa914d1a0","order":"0","is_powered_by":true,"section_story_id":"d272a425-161d-4a63-905a-543a67aaee24","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621886],"teaser":"","voice_url":""},"yoast_head":"\nCareem in talks with adviser on potential Uber merger - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Careem in talks with adviser on potential Uber merger\" \/>\n<meta property=\"og:description\" content=\"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 warning from Egypt\u2019s competition watchdog […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-21T04:17:56+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Careem in talks with adviser on potential Uber merger\",\"datePublished\":\"2018-11-21T04:17:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/\"},\"wordCount\":194,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Careem\",\"Egyptian Competition Authority\",\"EnterpriseAM\",\"M&A Watch\",\"SPEED ROUND\",\"Uber\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/careem-in-talks-with-adviser-on-potential-uber-merger\/\",\"name\":\"Careem in talks with adviser on potential Uber merger - 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The sit-down \u201cfocused on the extent to which investments\u2026","rel":"","context":"In "Speed Round"","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":624759,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/potential-uber-careem-merger-could-be-worth-usd-2-5-bn\/","url_meta":{"origin":621902,"position":1},"title":"Potential Uber, Careem merger could be worth USD 2.5 bn","author":"enterpriseam admin","date":"18 September 2018","format":false,"excerpt":"**#4 M&A WATCH- Potential Uber, Careem merger could be worth USD 2.5 bn: Uber is indeed in talks to acquire its Middle East ride-hailing rival Careem in a transaction expected to be worth as much as USD 2-2.5 bn, people familiar with the matter told Bloomberg. Negotiations are ongoing and\u2026","rel":"","context":"In "Speed Round"","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":623267,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-competition-watchdog-warns-uber-and-careem-of-fines-up-to-egp-500-mn-each-in-case-of-merger\/","url_meta":{"origin":621902,"position":2},"title":"Egypt competition watchdog warns Uber and Careem of fines up to EGP 500 mn each in case of merger","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #1 Competition watchdog warns Uber and Careem of fines up to EGP 500 mn each in case of merger: The Egyptian Competition Authority (ECA) has sent another sharp, unprecedented warning to ride-hailing companies Uber and Careem that they could be fined up to EGP 500 mn each if they\u2026","rel":"","context":"In "Speed Round"","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":624270,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/04\/uber-careem-get-blunt-public-warning-from-competition-authority\/","url_meta":{"origin":621902,"position":3},"title":"Uber, Careem get blunt, public warning from Competition Authority","author":"enterpriseam admin","date":"4 September 2018","format":false,"excerpt":"Competition watchdog gives Uber, Careem get blunt, public warning against merger: The Egyptian Competition Authority (ECA) took the relatively unusual step yesterday of publicly warning Uber and Careem against a merger. Couched in the verbiage of the agency, the ECA noted in a statement to the press (pdf) that it\u2026","rel":"","context":"In "Speed Round"","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":621902,"position":4},"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. 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