Grab Calls Off Plan to Acquire Singapore Taxi Operator Trans-Cab
By Kimberley Kao
Southeast Asian ride-hailing and delivery specialist Grab Holdings withdrew its plan to acquire private taxi operator Trans-cab Holdings, Singapore's competition watchdog said, after the regulator flagged concerns that the deal could be anticompetitive.
Both Grab, which would have made the buyout through its GrabRentals arm, and Trans-cab, informed the Competition and Consumer Commission of Singapore on Monday that they will no longer proceed with the proposed takeover, the commission said in a statement late Thursday.
"With the termination of the proposed acquisition, the parties have withdrawn their application to CCCS for a decision, and CCCS has accordingly ended its assessment of the proposed acquisition," it said.
Grab and Trans-cab didn't immediately respond to a request for comment.
Singapore-based Grab first announced the acquisition plan in July 2023, saying the takeover of Trans-cab's 2,500-vehicle fleet would help it grow its driver base, something the city-state has been struggling to recover since the Covid-19 pandemic. The shortage of drivers led to "higher fares as prices surge due to demand and supply imbalance," it said at the time.
Singapore's competition watchdog later raised concerns in October, finding that the deal could weaken Grab's rival ride-hailing platforms. It followed that up earlier this month by asking Grab and Trans-cab for solutions to address the competition concerns.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
July 26, 2024 00:15 ET (04:15 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
The 10 Best Companies to Invest in Now
-
New 4-Star Stocks
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth