Uber to sell Southeast Asian business to rival Grab

Uber sells South East Asia business to Grab

The ride-hailing company sold its operations in China to Didi Chuxing, the country's biggest ride-sharing provider, in July 2016.

The Competition Commission of Singapore (CCS) said on Monday in response to queries from BT: "The parties have stated in their media release that they intend to file a notification of the transaction to CCS". Last year, it followed suit in Russian Federation and the Caucasus through a merger with Yandex's ride-hailing business.

Grab will take control of Uber operations in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Another source said Uber would acquire a 25 to 30 percent stake in Singapore-based Grab, valuing the entire business at US$6 billion, the same valuation it commanded in its most recent capital raising.

Grab will purchase Uber's ride-hailing and food delivery operations in the region in a deal valued at several billion dollars, according to a person familiar with the acquisition who spoke on the condition of anonymity because they were not authorized to speak publicly.

Uber has been struggling to stem increasing losses, which amounted to $4.5 billion previous year, as it also tries to tamp-down corporate scandals and an internal shakeup that replaced its CEO, Travis Kalanick.

Singapore-based Grab is now Southeast Asia's biggest ride-hailing firm.

Grab will continue to enhance and expand its suite of offerings under Grab Financial, including mobile payments, micro-financing, insurance and other financial services for millions of underserved and unbanked consumers, micro-entrepreneurs and small businesses in the region. The merging of Uber Eats will further give Grab an advantage over Go-Jek, which also has a vast range of services apart from ride hailing.

Since befitting Uber's CEO in September, Dara Khosrowshahi has been navigating to assembling the company's commercial prior to an organized inceptive public offering anticipating next year.

Uber has raised more than $20 billion in funding since its inception, and it is one of the most valuable technology startups in the world.

But Khosrowshahi indicated that Uber does not have plans to quit India or other major markets anytime soon. Meanwhile the sale is Uber's latest withdrawal from a market where it had faced fierce competition, as new chief executive Dara Khosrowshahi seeks to stem huge losses and move past a series of scandals.

Related news:

Hot News

isis-killer-beheading-video-story-top Rehoboth march calls for end to gun violence
Mar 26, 2018 - 02:25
To change the law, they know that it requires a change in the nations politics. A mother embraces her daughter at a protest against gun violence on Saturday.

isis-killer-beheading-video-story-top Rahul Gandhi attacks Prime Minister Narendra Modi over his app, BJP counters
Mar 26, 2018 - 02:23
But seeing his fright about the Namo App, is very amusing. " Rahul Gandhi is in sublime form these days". Apart from these, the two parties also crossed swords several times over the Aadhaar data security.

isis-killer-beheading-video-story-top Facebook scraped call, text message data for years from Android phones
Mar 26, 2018 - 02:23
In looking at his grandmother's data dump, he also discovered that Facebook had been collecting SMS records from 2015 to 2017. When the feature is enabled, the feature allows Facebook to see when a call or text was sent or received, the company said.

isis-killer-beheading-video-story-top Facebook says sorry for data breach scandal in British newspaper ads
Mar 26, 2018 - 02:23
American firm Cambridge Analytica has been accused of illegally harvesting personal data from 50 million Facebook users in order to influence the last USA presidential election and the Brexit referendum.

isis-killer-beheading-video-story-top After RS setback, Mayawati says BSP's alliance with SP will continue
Mar 26, 2018 - 02:09
SP has 47 MLAs in the Uttar Pradesh Assembly, of whom Nitin Agarwal is expected to vote for the BJP. Mayawati has already said an upper-caste BJP used an Agrawal face to defeat its Dalit candidate.

isis-killer-beheading-video-story-top Man confesses faking mental illness after attack on woman
Mar 26, 2018 - 02:05
In a mobile phone video, the woman is strung up in public and her husband lashes out at her until she collapses. Stone, 35, was arrested and charged with domestic battery on Wednesday by the Pasco County Sheriff's Office.

isis-killer-beheading-video-story-top Nearly 100 English fans have been arrested in Amsterdam
Mar 25, 2018 - 01:41
Authorities have confirmed that nearly one hundred fans were arrested and held overnight for offences including public disorder. An initial statement, which was quickly updated to reflect the growing number, said the Amsterdam police had arrested 70 fans.

isis-killer-beheading-video-story-top Rights groups accuse Israel of 'discriminatory policies' as Ahed Tamimi sentenced
Mar 25, 2018 - 01:40
Tamimi's cousin Nour, who also appeared in the video, agreed to a plea deal for time served - just over two weeks. Her trial opened behind closed doors at the Ofer military court in the occupied West Bank on February 13.

isis-killer-beheading-video-story-top Police officer killed as bomb blast rocks Egypt's Alexandria
Mar 25, 2018 - 01:36
But al-Nimr, who was the intended target of bombing, according to police, escaped unharmed. Two police officers were killed.

isis-killer-beheading-video-story-top Netflix to include introductory warning video in 13 Reasons Why episodes
Mar 25, 2018 - 01:36
Netflix just a released a new video equipping teenagers and adults with helpful tips on suicide and other mental health issues. The show also caused a bit of controversy because some critics felt the show glorified suicide.

isis-killer-beheading-video-story-top Nathan Lyon's batting cameo saves Aussies on day two of Third Test
Mar 25, 2018 - 01:35
The start of the Cape Town Test has been really gripping with both sets of players trying to get the better of their counterparts. Morne Morkel hit a four before falling in identical fashion four balls later. "It shouldn't happen.

isis-killer-beheading-video-story-top Afrin, the movie, premieres days after Turkish army…
Mar 25, 2018 - 01:32
Ankara has accused the US of not fulfilling a promise to move Syrian Kurdish fighters out of Manbij. They have vowed to continue the fight, using hit-and-run attacks against Turkish troops in Afrin.

isis-killer-beheading-video-story-top TRS wins all three Rajya Sabha seats from Telangana
Mar 25, 2018 - 01:27
As far as the Rajya Sabha is concerned, BJP is now the largest party in the Upper House though still short of the majority mark. The Congress won three out of four seats - a gain of two - in Karnataka, while the BJP's strength was reduced to only one seat.

isis-killer-beheading-video-story-top Activists and lawmakers react to Trump's transgender military ban
Mar 25, 2018 - 01:23
The Pentagon responded by allowing those serving to stay in the military, and began allowing transgender individuals to enlist beginning January 1.

isis-killer-beheading-video-story-top Russian Federation tension: British diplomats leave Moscow
Mar 24, 2018 - 17:03
Alexander Yakovenko also wrote to Detective Sergeant Bailey, who has said his experience was "completely surreal". We spoke for about half an hour. "His mother, brother and other relatives were (in Russia)".