Uber Sells its Southeast Asian Part to Grab And Loses $4.5B

518

agreed to merge its unit in Southeast Asia with the competing company Grab. This was announced on Sunday by Uber CEO Dara Khosrowshahi

Read the details on Nexter.org.

End of rivalry

is an online service of transport, which allows using the application on your mobile phone to order the private car.

has been a part of this long-lasting battle with Southeast Asian companies for 5 years.

“It was really a very independent decision by both companies,” Grab President Ming Maa stated.

They have been working in Southeast Asia for about five years and have invested about $700 million.

will receive a 27.5-percent stake and some of the workers will be transferred to Grab:

“In exchange, will get a 27.5% stake in the combined company. Around 500 colleagues across the region will transition to Grab, and over the coming weeks we will help our customers move to Grab’s apps,” Khosrowshahi said.

SEE ALSO: FATAL Crash for Uber: It Stops Testing Self-Driving Cars in US after Hitting 49-Year-Old Woman to Death

Though lost $4.5 billion, CEO claims that there is a lot of perks of being merged with Grab:

“It will help us double down on our plans for growth as we invest heavily in our products and technology,” Khosrowshahi added in his statement.

For Grab, the deal will help to compete with Go-Jek, which is a rival number two (after ). Go-Jek is a dominant service in Indonesia and has rapidly expanded.

In 2017,  was considering a deal offered by SoftBank. The Japanese company SoftBank wanted to buy a significant share, but with a discount of about 30% compared with the current valuation ($69 billion) of the company.

Also, has quite an unfortunate week as their autonomous car hit a woman pushing a bicycle to death.

See also:

Like this post? Let us know!
  • CoolAF (0%)
  • Cool (0%)
  • Whatever (0%)
  • Boring (0%)
  • WTF (0%)
Summary
Uber Sells its Southeast Asian Part to Grab And Loses $4.5B in Regional Rivalry
Title
Uber Sells its Southeast Asian Part to Grab And Loses $4.5B in Regional Rivalry
Description
Uber agreed to merge its unit in Southeast Asia with the competing company Grab. This was announced on Sunday by Uber CEO Dara Khosrowshahi. 
Nexter.org
Nexter.org
Nexter.org
https://nexter.org/wp-content/uploads/2018/04/logo_nexterbg.jpg

More News from Nexter