SINGAPORE, July 20 — South-east Asian ride-hailing company Grab plans to acquire Singapore’s third-largest taxi operator Trans-Cab, the companies said in a joint statement today.
The acquisition would include a combined taxi and private-hire-vehicle fleet of more than 2,500 vehicles owned by Trans-Cab, they said.newspaper today cited sources as saying the deal was for around S$100 million and was expected to be completed this week.was inaccurate but did not provide further details.
“We see this as a strategic match with win-win-win outcomes for all,” said Yee Wee Tang, Managing Director at Grab Singapore. Jasmine Tan, General Manager at Trans-cab said the deal would ensure their taxi drivers would remain “competitive”. South-east Asia’s leading ride-hailing and food delivery app announced in June that it was cutting 1,000 jobs or 11 per cent of its workforce. — Reuters