Uber is officially bowing down to its biggest rival in Southeast Asia and pulling out of the region.
Both companies have finalised a deal on Monday morning for Grab to acquire all of Uber's operations in Southeast Asia
, including food delivery service UberEats.
According to Bloomberg
, Uber will take a 27.5 per cent stake in this consolidation and its chief executive officer will join the board of Singapore-based Grab.
"Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost efficiency in the region," Grab CEO Anthony Tan said in a statement today.
This puts an end to the fierce ride-hailing battle between the two in Southeast Asia, home to about 641 million people.
Grab started merely as a taxi-hailing app in Kuala Lumpur in 2012. In less than a decade, it has become the region's leading ride-hailing service.
Today, its services have earned more than 86 million mobile app downloads across 191 cities in Malaysia, Singapore, Indonesia, Thailand, the Phillipines, Vietnam, Myanmar and Cambodia.
So the next time you find yourself trying to decide whether you want to take a Grab or Uber, you'll know that it won't matter anymore.