Uber to sell Southeast Asian business to rival Grab, source says
Uber to sell Southeast Asian business to rival Grab, source says
New hires relax at a lounge area in a Grab office in Singapore Sept 23 2016
27 March, 2018, 18:44
Ride-hailing firm Uber Technologies Inc. has chose to sell its Southeast Asian business to rival Grab, its second exit from Asia after selling its China operations in 2016. Bloomberg News reported over the weekend that the two companies had finalized a deal. In July 2017, Uber also pulled its operations out of Russian Federation by merging with top competitor Yandex.Taxi.
As well as the Philippines, Grab - formally known as GrabTaxi - operates in Singapore, Indonesia, Malaysia, Thailand, Vietnam, Burma and Cambodia.
Uber has agreed to sell its south-east Asia operations to local rival Grab for an undisclosed sum as it continues to retreat from the region. In return, Uber will obtain a 27.5 percent stake in Grab and Chief Executive Officer Dara Khosrowshahi will join Grab's board.
"With the combined business, Grab will drive towards becoming the #1 online-to-offline (O2O) mobile platform in Southeast Asia and a major player in food delivery", Grab said in a statement. Grab raised about $2.5 billion last July in a deal valuing the company at around $6 billion.
Since befitting Uber's CEO in September, Dara Khosrowshahi has been navigating to assembling the company's commercial prior to an organized inceptive public offering anticipating next year.
Grab said it plans to expand its food delivery business to Singapore and Malaysia after integrating it with Uber Eats.
Uber's official statement is of course trying to spin it positively, saying they were able to grow the business after investing $700 million in the region.
Uber Technologies will be selling its Southeast Asian business to rival Grab, according to people familiar with the matter.
The company's full-year net loss widened to $4.5 billion in 2017 as it endured multiple scandals and the departure of its co-founder and former CEO Travis Kalanick. "Grab believes the acquisition will add to, among others, vibrant and competitive ride-hailing, delivery and transportation spaces, and it will make a merger notification to the Competition Commission of Singapore", the company wrote. Khosrowshahi signaled during a trip through Asia last month that he's committed to other key markets such as Japan and India.
The industry's first big consolidation in Southeast Asia, home to about 640 million people, puts pressure on Indonesia's Go-Jek, which is backed by Alphabet Inc'sGoogle and China's Tencent Holdings Ltd.
In the pre-taped interview, CBS says Daniels talks to Cooper about the relationship she says lasted from 2006 and 2007. CBS says it will air its interview with adult film actress Stormy Daniels on Sunday's episode of " 60 Minutes ".
In looking at his grandmother's data dump, he also discovered that Facebook had been collecting SMS records from 2015 to 2017. They say the data is used "to improve people's experience across Facebook" by helping to connect with others.
She would not get into a lifeboat without him, apparently stating, "I will not be separated from my husband". Harry and Meghan listened as the members shared their own dreams for a peaceful future in Northern Ireland .
Amsterdam police posted a statement on their official Twitter account which provided detail on the arrests in the city centre. Nearly 100 English football fans were arrested in Amsterdam last night ahead of their friendly game against the Netherlands.
Late Thursday, China issued a response through its US embassy: "China does not want a trade war with anyone", the statement said. It retaliated on Friday afternoon with plans for more than $4 billion in tariffs on USA pork, aluminium, wine and other products.
It affirmed Bahrain's solidarity with Egypt, backing all the measures to restore security and stability throughout the country. AFP sought a response from the Egyptian foreign ministry but it was not immediately available.
Right when Kellerman began questioning if allowing the fight to continue was a good idea, things took a brutal turn in Round 6. Whyte connected with a pulverizing left hook on a badly wounded Browne, who had been dominated up to that point.
They claim she has always been exploited by her family, who they accuse of using her to try to provoke Israeli soldiers on film. Ahed's arrest made worldwide headlines and rallied global support for her freedom, causing major embarassment for Israel.
Two California families said their daughters, both 15, committed suicide in April after watching the show, KTVU reported . There were at least 900,000 more than expected Google searches including the word "suicide". "I'm overwhelmed, you know".
To win, a candidate needed 46 votes and since BJP has 49 members in the 90-member assembly, her victory was a foregone conclusion. Akhilesh did succeed in delivering all the "surplus" SP votes, including that of his estranged uncle Shivpal Yadav, to BSP .
Ambedkar's new India cares for poor, says PM Modi
Gandhi also said that the app tracks the user's location. "We all know that Rahul Gandhi is no match for Narendra Modi ". Contact access is required to connect with friends or fellow party workers on the New India connect module.
Hundreds in Sahuarita join national gun violence protest
I remember the day of Virginia Tech , sitting in my social studies class as the teacher explained to us what was happening. I was hopeful that Parkland would spark people to take action, but I also knew the road ahead would be hard.
Europe gets last minute reprieve from Trump tariffs
A European source said that Ross had agreed the exemption, which could be temporary, and would make the case to Trump. As expected , the first part of the EC's two-step proposal is to whack tech firms with a three per cent turnover tax.
Delhi allocates 26% to education in its budget
Sisodia, while explaining the budget details, kept on taking a dig at Baijal for not clearing numerous government's projects. Rs 15 crore has been allocated to Delhi Commission for Protection of Child Rights to evaluate and rank government schools.
Novak Djokovic's struggles continue at Miami Open
I want to be able to play as well as I want to play. "He was just coming up with the good shots at the right time". When asked if he expects to regain his championship level, Djokovic said he didn't know.
Morkel stars as South Africa take leading edge
They shared a partnership of 50 before off-spinner Nathan Lyon had Rabada caught by Smith at slip off his first ball of he day. Morkel (four) then fell in near-identical fashion in the same over to bring South Africa's innings to a close.
I tried to keep my distance
Ms McDougal said she broke up with Mr Trump in April 2007. "Period", McDougal says on her motifs to come forward about her truth. McDougal said she recalled a time when Trump showed her around his NY apartment in Trump Tower, pointing to Melania's room.