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Uber sells Southeast Asia assets to rival Grab
Updated: 6:41am, Tuesday March 27, 2018
Ride-hailing platform Grab announced on Monday that it had acquired the Southeast Asia operations of its US-based rival Uber, including the company’s ride-hailing services in Cambodia, just three months after it officially launched in the Kingdom.
In exchange, Uber will take a 27.5 percent stake in Grab and its CEO, Dara Khosrowshahi, will join Grab’s board of directors as part of the deal, according to a press release from Singapore-based Grab.
Wee Tang Yee, Grab’s country head in Cambodia, said that Uber’s services in the Kingdom will continue for a two-week transitional period as Grab seeks to transfer employees and drivers onto its own platform.
“Grab and Uber are working together to promptly migrate Uber drivers and riders, merchant partners and delivery partners to the Grab platform,” he said in an email. “The Uber app will continue to operate for two weeks to ensure stability for Uber drivers, who can find out how to sign-up to drive with Grab online.”
Founded in Malaysia in 2012, Grab now operates in eight Southeast Asian countries. It launched services in Phnom Penh in December, three months after Uber became the first international ride-hailing platform to begin operations in Cambodia.
Grab’s acquisition of Uber had been rumoured for several months, and its entry into Cambodia was largely viewed as more successful than Uber’s, despite the US firm’s three-month head start.
Since its launch in December, Grab has added a motorbike taxi service and launched a preliminary tuk-tuk service in the capital, while also racking up several agreements with government and development agencies. Uber remained relatively static during the same period.
https://www.phnompenhpost.com/business/ ... rival-grab
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26 March 2018
- Ride-hailing service Uber’s business in Southeast Asia has been acquired by regional rival Grab, it was announced Monday. The deal also includes the sale of Uber’s food delivery business, UberEats, and the company gets a stake in Grab.
“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,” Anthony Tan, group CEO and co-founder of Grab, said in the statement.
Khosrowshahi, who congratulated Grab in the same statement, reportedly sent an email to employees in Southeast Asia, in which he said Uber’s stake in Grab was worth several billion dollars, coming off the $700 million invested by the company in the region. He also said 500 Uber employees working in the eight countries would be absorbed by Grab, as part of the deal.
Buying the UberEats business seems to be an important move for Grab, given what co-founder Tan Hooi Ling had to say.
“We will rapidly and efficiently expand GrabFood into all major SEA countries in the next quarter. We’re going to create more value for our growing ecosystem of consumers, drivers, agents – and now merchants and delivery partners. GrabFood will also be another great use case to drive the continued adoption of GrabPay mobile wallet and support our growing financial services platform,” he said.
http://www.ibtimes.com/uber-bows-grab-s ... al-2666097
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