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Tuesday, 27 March 2018

Uber Sells South East Asia Operations To Rival Grab


Uber is selling its South East Asia ride-share and food delivery businesses to regional rival Grab.
The move marks a further retreat from international operations for Uber, after it sold its China business to local rival Didi Chuxing.


Both firms describe the deal as a win for their passengers, but analysts warn it could mean higher prices.
Grab is South East Asia's most popular ride-sharing firm with millions of users across eight countries.

Under the terms of the deal, Uber will take a 27.5% stake in Singapore-based Grab. Uber's chief executive, Dara Khosrowshahi, will also join Grab's board.
The value of the deal has not been made public.

Grab's chief executive Anthony Tan said the deal "marks the beginning of a new era" in which the merged business would be better placed to serve customers.

Uber's Mr Khosrowshahi said the deal would "help us double down on our plans for growth as we invest heavily in our products and technology".

The deal marks Uber's third retreat after it withdrew from China in 2016 and sold its Russia business to local firm Yandex last year.
Mr Khosrowshahi has been preparing the firm for an initial public offering in 2019.

Uber invested $700m in its Southeast Asia business and another $2bn in China before it sold its operations there.
In November, Mr Khosrowshahi, said the company's Asian operations were not going to be "profitable any time soon".

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FACEBOOK COMMENTS

Endy Edeson

It is all about restructuring @Ahile

Olajide Olushola

this is pure joint biz with uber having lower stake

Endy Edeson

That's right. With just 27.5% stake in the new deal

Ola Daniel

Is uber own by a Nigerian?

Endy Edeson

@Ola: No, Uber is owned by an American businessman, Travis Cordell Kalanick and the headquarter of the company is in San Fransisco, California
2

Ola Daniel

Thanks boss
1

Endy Edeson

You are welcome Ola. Stay locked on Edeson Online News. More news, tutorials, motivation, business tips everyday on this page

Ola Daniel

That's for sure

Daniel Orji

I like the development, they should come to Nigeria and sell the south west operation to(rival) taxify too, their business is not mutually beneficial...it only favour the riders
1

Endy Edeson

Orji: can you briefly explain why it favours the riders?

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