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.
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.