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ComfortDelGro acquiring 51% stake in Uber's Singapore car rental unit

ComfortDelGro Corp. Ltd. entered into a joint venture agreement to acquire a 51% interest in Uber Technologies Inc.'s Singapore car rental unit, Lion City Rentals.

The deal is valued at about $642 million, including cash and loans, Bloomberg News reported Dec. 8.

Uber said in a press release that it will retain the remaining 49% interest in the unit, in addition to holding three of the seven seats on Lion City Rentals' board.

The joint venture will enable ComfortDelGro to control Lion City Rentals' fleet of some 14,000 vehicles in Singapore.