Following the sale, Uber will have a 27.5% stake in the combined business.
Grab will be integrating both of Uber’s ridesharing and food delivery business in SEA into Grab’s existing platform.
Just a few months ago, local taxi company Comfort Delgro announced that comfort cabs can be booked within the Uber app. Comfort cabs can also be booked through the UberFlash service, promises faster rides by matching commuters with the nearest UberX private-hire car or Comfort Delgro taxi.
As part of the agreement, Uber takes a 10% cut of the fare from ComfortDelgro cabbies from each booking.
ComfortDelgro also formed a joint venture with Uber in 2017, with a 51% stake in Lion City Rentals, an Uber subsidiary in Singapore that leases cars to its drivers.
Currently at the time of writing on 26th March, ComfortDelgro is up 4% on the news of Grab’s acquisition.
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