By Alexandria Dennise San Juan
Transport network company Grab has confirmed that they have acquired Uber’s operations in the Southeast Asia, including the Philippines.
“The acquisition accelerates Grab’s path to profitability in its core transport business, as it’s the most cost-efficient Southeast Asian platform,” Grab, a fast growing Southeast Asian ridesharing, food delivery, and financial services business, said in a statement.
Grab Philippines country head Brian Cu said in a statement that the two biggest ride-hailing firms in the country have “come together” to serve Filipinos better.
Cu said that this was an important milestone in the ridesharing industry. “The combined services of Grab and Uber signal a wider network of TNVS drivers and passengers and improved ridesharing services,” he said.
He said that there will be a larger fleet of drivers on their platform which means that passenger transportation needs will be met faster.
“Passengers will get to enjoy shorter waiting times, more convenient, and affordable rides through one platform,” he added.
More jobs, less waiting time, and an “ultimately higher earning potential” are expected to be felt by Grab’s partner-drivers as more passengers are expected to use their platform, Cu said.
Grab said that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. Financial details were not disclosed.