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ComfortDelGro to Buy 51% in Uber Singapore Car Rental Unit

  • Uber will retain remaining 49% in the Singapore joint venture
  • Deal marks ComfortDelGro’s single largest deal to-date
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ComfortDelGro Corp., Singapore’s largest taxi company, struck a deal to buy 51 percent of Uber Technologies Inc.’s Singapore car rental unit for S$295 million ($218 million) in cash and form a joint venture with the ride-hailing giant.

The deal for Uber’s Lion City Rentals will give ComfortDelGro control of a fleet of about 14,000 vehicles in the city-state, with the acquisition to be financed from internal funds, the Singapore-based company said in a filing after the market close on Friday. Uber will retain the remaining 49 percent.