Announced
Financials
Sources
Tags
transportation services
car hire
e-commerce
Transportation Services
Private
Acquisition
Friendly
Singapore
Pending
Single Bidder
Synopsis
Grab, one of the most frequently used O2O mobile platforms in Southeast Asia, agreed to acquire Southeast Asia operations of Uber, an American multinational transportation network company. Financial terms were not disclosed. Anthony Tan, Group CEO and Co-founder, Grab said, "We are humbled that a company born in SEA 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. Together with Uber, we are now in an even better position to fulfil our promise to outserve our customers. Their trust in us as a transport brand allows us to look towards the next step as a company: improving people's lives through food, payments and financial services."
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