Uber will acquire a 27.5% stake in Grab as part of a deal where the latter will get its local operations, as a small number of players tighten control of the sector worldwide.
Singapore-based ride hailing service Grab confirmed today it is acquiring US-based peer Uber’s Southeast Asian business in a deal that will give the latter a 27.5% stake in Grab, giving a clearer picture of the direction the sector is heading.
Founded in 2012 as GrabTaxi, Grab operates an on-demand ride platform spanning taxis, motorcycles, private cars and carpooling, with a presence in 195 cities across Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Myanmar and Cambodia.
Uber has been operating in…
