Uber to sell south-east Asia business to competitor Grab
Grab today announced that it has acquired Uber’s Southeast Asia operations. This deal is the largest-ever of its kind in Southeast Asia. Grab will integrate Uber’s ridesharing and food delivery business in the region into Grab’s existing multi-modal transportation and fintech platform. With the combined business, Grab will drive towards becoming the #1 online-to-offline (O2O) mobile platform in Southeast Asia and a major player in food delivery.
Grab provides the fundamental services Southeast Asia consumers care the most about: safe and affordable transport, food and package delivery, mobile payments and financial services.
Grab will extend its leadership as the most cost efficient Southeast Asian platform, as it takes over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As part of the acquisition, Uber will take a 27.5% stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board.
