FILE PHOTO: An employee shows the logo of ride-hailing company Careem on his mobile in his office in the West Bank city of Ramallah July 17, 2017. Picture taken July 17, 2017. REUTERS/Mohamad Torokman
June 18, 2019
DUBAI (Reuters) – Uber and Middle East ride-hailing business Careem will remain separate entities until at least the first quarter of 2020, when Uber’s acquisition is expected to close, Careem’s CFO said on Tuesday.
The $3.1 billion dollar acquisition will make Careem a wholly owned subsidiary of Uber, but the Careem brand and app will remain intact, at least initially.
Maintaining two separate brands in the same market is better for competition, Ankur Shah said at a financial conference in Dubai.
(Reporting by Davide Barbuscia; Editing by David Goodman)