- Singapore-based firm Grab set to take over Uber’s South East Asia operations and assets
- Grab will take over Uber’s ride-hailing and UberEats food delivery services in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam
US Ride-hailing service Uber will sell its Southeast Asia operations and assets to rival Grab, a Singapore-based company.
According to reports, Grab will take over Uber’s ride-hailing and UberEats food delivery services in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
In exchange, it will take a 27.5% stake in Grab. Uber’s CEO Dara Khosrowshahi will also join its board. Grab is currently valued at $6bn.
“This deal is the largest-ever of its kind in Southeast Asia,” ride-hailing service Grab said in a media release on Monday.
“With the combined business, Grab will drive towards becoming the number one online-to-offline mobile platform in Southeast Asia and a major player in food delivery.”
Anthony Tan, group CEO and co-founder of Grab, said that the acquisition ‘marks the beginning of a new era’