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Grab buys Uber's business in Southeast Asia

29 March, 2018, 02:24 | Author: Shawna Walton
  • Uber sells all SE Asian operations (including UberEats) to competitor Grab

Previously after a fierce battle, Uber sold its China operations to rival Didi Chuxing in 2016 in return for a stake, and a year ago the United States firm merged in Russian Federation with the taxi-hailing app of internet giant Yandex.

In a statement to the media, Grab said Uber employees were being placed on paid leave. He did not want to be identified as the deal is not public yet.

"This deal is a testament to Uber's exceptional growth across Southeast Asia over the last five years".

In China, Uber has sold off its local business to competitor Didi Chuxing, also taking a stake in the Asian firm.

"The combined service of Grab and Uber signals a wider network of TNVS (transport network vehicle service) drivers and passengers and improved ridesharing services", Cu stated.

Uber declined to comment and Grab, which has an estimated valuation of about US$6 billion (RM23.5 billion), declined to comment. Grab has announced that the Uber app will still continue working in the Southeast Asian region for another two weeks ending on the 8th of April 2018. The companies declined to disclose the deal's price tag.

For Softbank, the deal will help it "double down" on its plans for growth and invest in products and technology.

"Today's acquisition marks the beginning of a new era", said Anthony Tan, Chief Executive Officer of Grab.

Grab has been seeking to dominate the regional market for auto and motorbike hailing and has expanded into other areas, recently announcing plans to partner with a Japanese credit card company to provide credit to millions of people without bank accounts. In Russia, it agreed to merge its ride-hailing business in the country with Yandex, a local search-engine leader that also runs a popular taxi-booking app.

And Japanese tech company SoftBank agreed to buy a 15% stake in Uber at the end of a year ago. Now Uber is handing over to Grab in countries including Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Cambodia and Myanmar.

Uber's two previous retreats, from China and Russian Federation, happened under former CEO Travis Kalanick.

The latest deal with Grab means Uber is joining Didi and Japan's SoftBank Group Corp.as one of Grab's largest investors.

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