Ride-hailing company Grab from Singapore said in a statement it has bought Uber’s ride-sharing and fool delivery business in Southeast Asia. In exchange, the American company will receive 27.5% stake in Grab. The value of the deal wasn’t disclosed.
“Today’s acquisition marks the beginning of a new era,” Grab chief executive Anthony Tan said and added: “The combined business is the leader in platform and cost efficiency in the region.”
Uber and Grab were locked in a years-long battle over territory in the region that has prosperous middle class, with Grab becoming the dominant force in ride-hailing business.