Uber-Grab deal infringes competition? See what this watchdog said
Under the deal, Uber will take a 27.5 percent stake in Grab, which is valued at around $6 billion, and Uber CEO Dara Khosrowshahi will join the Singapore-based company`s board. CCS proposals, effective immediately, also require both Grab and Uber not to obtain from each other any confidential information including pricing, customers and drivers.
Singapore`s competition watchdog said it had reasonable grounds to suspect competition had been infringed by Uber Technologies Inc`s deal to sell its Southeast Asia operations to rival ride-hailing firm Grab. Image source: Reuters