Deals
Grab Vanquishes Uber With Local Strategy, Billions From SoftBank
- Co-founder Anthony Tan has tailored services for new markets
- Uber swaps Southeast Asian business for 27.5% stake in Grab
Uber Agrees to Sell Southeast Asian Operations to Rival Grab
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As Uber Technologies Inc. looked to conquer ride-sharing around the world, Grab was focused on serving the 620 million people that share its home in Southeast Asia.
Helped by the deep pockets of SoftBank Group Corp., Grab emerged the winner on Monday when Uber agreed to swap its business in the region for a 27.5 percent stake. The deal is a vindication for co-founder Anthony Tan’s strategy of tailoring services to local needs and working with incumbent taxi operators instead of against them.