8 December 2017 – ComfortDelGro Corporation Limited and Uber Technologies, Inc. today announced that they have entered into a strategic agreement to joint venture that brings together one of the world’s largest land transportation companies with the world’s leading ridesharing service to leverage their operational and technological excellence.
Under the agreement, CDG will acquire a 51% stake in Uber’s wholly-owned car rental subsidiary, Lion City Holdings Pte Ltd which has a fleet about 14,000 vehicles for a cash consideration estimated at S$295 million (based on the NAV of S$642 million based on the value of 12,450 vehicles). LCR will be able to benefit from CDG’s fleet management and operation while CDG taxi’s driver will be able to receive ride requests on the Uber driver application, increasing their potential earnings.
This deal is CDG’s single largest deal-to-date.
Currently, they are finalizing on the additional partnership opportunities and will make further announcements in the upcoming …