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Uber Sells Operation out of Southeast Asia to Grab
Phnom Penh- Uber has agreed to sell its operation in Southeast Asia to its rival, Grab, a Singapore-based company. With the agreement, Grab acquires Uber’s operation ranging in Southeast Asia of some 620 million people, but in return gets a 27.5 percent stake in Grab and the chief executive of Uber will join the board of Grab.
Grab’s CEO, Anthony Tan, said, “Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region.” The biggest shareholder in both companies, SoftBank Group Corp, by Masayoshi Son’s firm is currently trying to reduce competition in Southeast Asia’s ride hailing market to reach USD 20.1 billion by 2025.
Phnom Penh- Uber has agreed to sell its operation in Southeast Asia to its rival, Grab, a Singapore-based company. With the agreement, Grab acquires Uber’s operation ranging in Southeast Asia of some 620 million people, but in return gets a 27.5 percent stake in Grab and the chief executive of Uber will join the board of Grab.
Grab’s CEO, Anthony Tan, said, “Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region.” The biggest shareholder in both companies, SoftBank Group Corp, by Masayoshi Son’s firm is currently trying to reduce competition in Southeast Asia’s ride hailing market to reach USD 20.1 billion by 2025.
Uber Sells Operation out of Southeast Asia to Grab
Grab started out as a taxi-hailing app in Kuala Lumpur in 2012 and has now expanded almost all over Southeast Asia; Cambodia, Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and was recently valued at USD 6 billion. Uber CEO Dara Kowsrowshahi said the deal will help his company double down on plans for growth and they invest heavily on their products and technology.
Grab CEO, Anthony Tan (left), Uber CEO, Dara Kowsrowshahi (right)
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