CAIRO, Egypt (Reuters) – Only Egypt has approved the initial agreement on the acquisition of Karim International by Ober International for Intelligent Transport Applications, which is a condition for its lack of enforcement in Egypt.
Ober, the world's largest oil company, announced on Tuesday that he had acquired his first competitor in the Middle East, Karim, in a deal worth $ 3.1 billion.
The agency said in a statement that it had received official media from both companies to complete a long-term purchasing contract.
The statement stated that the Authority will make its decision on receipt of the formal notice from the parties concerned complying with all the legal conditions specified in the provisions of Competition Protection Law and that the technical examination by the t Authority ends either to agree to complete the process or to agree to the establishment of binding measures for the parties In order to reduce the damage arising from it, or to reject the process if found that there could be damage to the Egyptian market can not be corrected.
The statement highlighted the fact that the device had realized the seriousness of the issue since last October and the constraint as a result of competition in the markets concerned, such as the passenger market through electronic applications, and had therefore issued a decision to take t a series of measures before the two companies to rectify the effects of the process to be held in this Show.
"Since then, the TRA has been following this issue through a team applying the highest international standards in economic and legal analysis to avoid any damage to competition within the Egyptian market."
He called on all the stakeholders and small and medium companies who have recently invested in this promising market to go to the headquarters to express their views on whether this agreement would reduce opportunities to compete and invest in this sector.
Established in 2012, Karim has been a leader in shared transport ever since, with 30 million consumers in 90 cities across the Middle East, North Africa and Pakistan.
Karim will continue to operate under his name as part of Ober, under the control of his chief executive, Madam Sheikha.
"Keeping the Karim brand allows us to build new products and experiment with innovative ideas," said Chief Executive Ora, Second Khososhahi.
On the other hand, Karim's largest shareholder is RAKUTEN, Didi Chuxing, and Daimler, and the Saudi government, which has also invested billions of dollars in Ober.
This is the biggest transaction in the history of Middle East technology, and the second after Amazon acquired the dot com in 2017.
The deal is expected to be completed between the two companies in the first quarter of 2020.