Grab Acquires Uber Southeast Asia

Grab Acquires Uber Southeast Asia

Uber's services in the region - including ride hailing and UberEats - will be available for the next two weeks via the Uber app.

Under the deal, Grab gets Uber's ridesharing and food delivery businesses in eight countries in the region - Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Grab is in the process of transferring or "onboarding" your data, so if you're feeling antsy you can still sign up as a Grab driver yourself. Of course, there is some variance in pricing between Grab and Uber prices so frequent Uber riders will have to take that into consideration. Only those who have been suspended or removed from Grab previously will not be allowed to re-register.

Under the new deal, Uber will have a 27.5 percent stake in the Singapore-based Grab and Uber's CEO, Dara Khosrowshahi will become a member of Grab's board.

Reuters writes: "For Grab, the deal is a boon for its meal-delivery service, which will now merge with Uber Eats".

The move follows the United States firm's retreat from China and Russian Federation and comes as new chief executive Dara Khosrowshahi attempts to turn its fortunes around. Financial details were not revealed.

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Uber has already invested $700 million in Southeast Asia, according to the person familiar with the sale. The California-based Uber sold its business in China in return for an approximate 20% stake in Chinese rivalDidi Chuxing, ending years of intense competition that sparked a slew of price wars. For instance, Grab let passengers text drivers via a chat feature within the app with in-built automated translation feature.

As far as Uber is concerned, the pull out from the region could help it cut losses ahead of a planned initial public offering in 2019.

And Japanese tech company SoftBank agreed to buy a 15% stake in Uber at the end of past year.

"We are humbled that a company born in Southeast Asia has built one of the largest platforms that millions of consumers use daily and provides income opportunities to over 5m people", said Anthony Tan, group CEO and co-founder of Grab.

Softbank is also a major investor in Grab, and is known for pushing for consolidation in the global ride-hailing industry, which has been losing billions of dollars a year due to turf wars.

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