June 18, 2019 / 6:26 AM / 3 months ago

Uber to retain Careem brand for now - Careem CFO

FILE PHOTO: A screen displays the company logo for Uber Technologies Inc. on the day of it's IPO at the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. REUTERS/Brendan McDermid

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 (£2.5 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

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