As speculated, Grab, the ride-hailing company developed in Malaysia and Singapore, has purchased all of Uber’s Asia-Pacific assets, ending the battle for market share in the region. Grab issued a statement that it is buying Uber’s ride-sharing and food delivery operations in the region, and Uber will get a 27.5 percent stake in Grab in return.
No actual numbers of the deal have been made public yet, but indicators point towards the acquisition being one of the largest in South-East Asia. Over the coming weeks, Uber employees will be transitioning to Grab, and customers will have to download the Grab application to prepare for the full migration.
These are never easy decisions and I know this will mean a big change for you and your families, but I believe that combining forces with Grab is the right thing to do for Uber for the long term.
Uber has already invested about 700 million US dollars in the region as of the acquisition. Grab operates in eight countries: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Bow down to the new King.
Car concept projects should be more of a thing, don’t you think?
Thomas Sedran gives a little background on the projects and goals laid out for both companies.