Despite the on-going warnings of the Egyptian Competition Authority (ECA), the Uber and Careem merger talks seem to be in advanced stages. According to Enterprise, both Uber and Careem are ignoring Egypt’s competition watchdogs and are proceeding regardless. Last month, it was stated that both companies could face fines up to EGP 500 million apiece if they go through with the merger.
Reuters has also reported that the Dubai-based ride-hailing operator, Careem, is using investment bank Jefferies as an adviser for its potential merger with Uber. Sources also state that this move signals that talks have entered a more serious stage.
ECA warns that the merger would be anti-competitive. In July, both companies have denied all reports regarding Uber acquiring Careem, but as of September, talks were still ongoing over the potential merger that could be worth approximately 2-2.5 billion.
