Uber to retain Careem brand for now: Careem CFO

 

Uber to retain Careem brand for now: Careem CFO

Dubai - The $3.1 billion dollar acquisition will make Careem a wholly owned subsidiary of Uber.

By Reuters

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Published: Tue 18 Jun 2019, 10:37 AM

Last updated: Tue 18 Jun 2019, 3:24 PM

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.
 



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