It's official: Uber has sold all of their Asia-Pacific assets to its prime competitor in the region, Grab. Not only that, Uber also gained a 27.5 percent stake in Grab as a result of selling their regional assets to the Singapore-based transport network company.
At the moment, the value of the deal has not been made public just yet but Grab says it is the largest-ever of its kind in Southeast Asia. Also, Uber CEO Dara Khosrowshahi will join Grab’s board.
So what happens to Uber users in the region? Grab's official statement says that they and Uber are working together to promptly migrate Uber drivers and riders, in Singapore at least. There is yet to be news on how Uber users in the Philippines will be shuffled to Grab. In the meantime, Uber will still be operational for the next two weeks.
As it stands, Grab operates in eight countries. These are Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. It's not only the ride-sharing service that will be taken over by Grab. GrabFood will also be taking over UberEats as well. With the combined business, Grab is aiming to be the leading online-to-offline (O2O) mobile platform in Southeast Asia, as well as a major player in food delivery.