SINGAPORE: Grab announced on Monday (Mar 26) that it has acquired Uber’s Southeast Asia operations, confirming reports of the merger that surfaced over the weekend.
Grab said it will integrate Uber’s ridesharing and food delivery business in the region into its platform.
"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."
As part of the acquisition, Uber will take a 27.5 per cent stake in Grab and Uber CEO Dara Khosrowshahi will join Grab's board.
It will take over Uber’s operations and assets in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand and Vietnam.
AdvertisementAdvertisementMr Anthony Tan, group CEO and co-founder of Grab said: "We are humbled that a company born in Southeast Asia has built one of the largest platforms that millions of consumers use daily and provides income opportunities to over 5 million people.
"Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region."
Tan Hooi Ling, co-founder of Grab said they will expand GrabFood into all major Southeast Asia countries in the next quarter.
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