(MENAFN- Khaleej Times) 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.
MENAFN1806201900490000ID1098654295
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.