Grab and Uber were locked for years in a turf war in Southeast Asia
The move is a major victory for Japanese holding company SoftBank, which is the biggest shareholder of both ride-hailing companies.
Uber has announced it has sold its Southeast Asian operations to rival Grab, ending tumultuous months of neck-and-neck competition between the two ride-hailing services. Grab, available on the App Store for iOS and Google Play for Android, now offers more than 10 transportation services including GrabTaxi (a taxi-hailing service), GrabHitch (a carpooling service), GrabShare (a ride-sharing service similar to UberPool and LyftLine), GrabBike (a motorbike hailing service), and GrabFood (Grab's food delivery service). He pointed that after investing USD 700 million in the region, Uber will hold a stake "worth several billion dollars, and strategic ownership in what we believe will be the victor in an important global region".
The National Privacy Commission (NPC) called for a meeting with Grab Philippines next week to discuss how its merger with Uber would affect Filipino drivers' and users' data.
This is the third exit by Uber, following Russian Federation and China.
According to Bloomberg, Grab will take over all of Uber's operations in the region, including delivery service UberEats, and the latter will get a 27.5 percent stake in the former. It was most recently valued at $6 billion, according to CB Insights.
"It [the deal] will help us double down on our plans for growth as we invest heavily in our products and technology to create the best customer experience on the planet", Khosrowshahi said.
Grab said it plans to expand its food delivery business to Singapore and Malaysia after integrating with Uber Eats in those countries.
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But Tass reported that the fire started on the top floor and consumed an area of about 1,500 square meters (16,150 square feet). Another video, apparently taken from a security camera, showed that mall patrons on the fourth floor had little time to react.
Masayoshi Son's firm is pushing to reduce competition in a Southeast Asian ride-hailing market forecast to reach $20.1 billion by 2025.
Uber, which is preparing for a potential initial public offering in 2019, lost US$4.5 billion past year and is facing fierce competition at home and in Asia, as well as a regulatory crackdown in Europe.
Grab will hold join townhall meetings hosted by its co-founders across the various Southeast Asian markets it operates in on March 27. This will however not impact Uber's operations in India, where it is locked in an intense competition with local rival Ola, sources close to the development said.
"It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind".
Back in November 2017, the chief executive officer of California-based Uber, Dara Khosrowshahi, announced the firm failed to disclose a massive breach that exposed information on over 57 million users of the application.
Azliza also said that when the Greenlight Hub was launched on March 14, Uber Malaysia employees had cited its investment in the Petaling Jaya facility in refuting speculations of the potential buyout.
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