UK CMA's Approves Uber's Acquisition Of Autocab: Reuters
- Britain’s competition watchdog offered cleared Uber Technologies Inc’s (NYSE: UBER) acquisition of U.K. tech firm Autocab after certifying the deal’s immunity from anticompetitive practices in the country’s taxi booking and dispatch software market, Reuters reports.
- Uber acquired Autocab in August for an undisclosed amount to expand its U.K. presence. It will launch the new tool in Britain before expanding into other countries.
- Autocab supplied software and connected private hire and taxi operators through its iGO marketplace.
- The Competition and Markets Authority (CMA) launched the probe over concerns regarding possible impact on Autocab’s critical services like dispatch software supply, referral networks, and any potential merger of Autocab’s customers.
- The takeover posed limited indirect competition between the companies as per the CMA. The two businesses will continue to face competition, and Autocab’s customer taxi companies will have the option to switch to credible alternative providers.
- Price action: UBER shares traded lower by 2.75% at $53.21 on the last check Monday.
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