GrabTaxi Holdings Pte. Ltd. has confirmed its acquisition of Uber Technologies Inc.'s Southeast Asian operations for an undisclosed sum.
The deal will see Grab taking over Uber's operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Meanwhile, Uber will own a 27.5% stake in Grab. Uber CEO Dara Khosrowshahi will also join Grab's board.
Upon the completion of the transaction, Uber's ridesharing and food delivery businesses will be fused with Grab's platform.
After Uber Eats gets consolidated into Grab, the Malaysia-headquartered company will expand GrabFood to Singapore and Malaysia, and targets to penetrate all major Southeast Asian countries within the first half. GrabFood is currently operating in Indonesia and Thailand.
Grab also targets to provide more transport offering through partnerships with transport providers and car makers, and to collaborate with governments and public transport operators.
The ride-sharing companies are collaborating to swiftly migrate Uber drivers, merchant and delivery partners, as well as customers into the Grab platform. The Uber app will continue to operate for two weeks, while Uber Eats will run until May.