Grab confirms acquisition of Uber's operations

MANILA, Philippines  (Updated 2:42 p.m.) — Grab Philippines on Monday confirmed that it has acquired the operations of San Francisco-based Uber in Southeast Asia.

 

The announcement follows reports that Grab has finalized a deal with Uber, which includes the latter's exit from Southeast Asia.

 

"Today we announce an important milestone in the ridesharing industry — Grab has acquired Uber's business in the Philippines and in Southeast Asia. Two of the biggest TNCs in the Philippines have come together to serve Filipinos better," Grab Philippines country head Brian Cu said in a statement.

The services of Uber in the Philippines and the rest of Southeast Asia will only be available until April 8.

"Uber riders can immediately download and use the Grab app to book rides for your traveling needs in Southeast Asia," Grab said on its website.

According to Grab, the fares will not change as it will still be calculated based on a base distance with a dynamic surcharge, traffic conditions and estimated time taken for the journey.

Cu, meanwhile, said that Grab's acquisition of Uber means that transportation needs would be met faster with a larger fleet of drivers in its platform.

 

"Passengers will get to enjoy shorter waiting times, more convenient and affordable rides through one platform," Cu said.

 

 

The new combined business would allow passengers to use GrabRewards, where they could use points to redeem offers such as vouchers for mobile load, food, shopping discounts and others.

 

For the driver-partners, this would mean more jobs, less waiting time and higher earning potential, Grab Philippines said.

 

"Driver-partners will get access to Grab's driver support services, incentives and offers, and additional services to protect and enhance their welfare — from personal accident insurance to micro-financing," Cu said.

 

He added that Grab is looking forward to welcoming Uber drivers in the business.

 

Grab Philippines assured the government that they will work with the Department of Transportation, LTFRB and local government units to improve their services.

 

"We will retain our commitment towards quality of service and continue to adhere to regulatory guidelines on activations and pricing," Cu said.