I wanted to let you know that we have reached an agreement to combine our business in Southeast Asia with Grab.
In exchange, Uber will get a 27.5% stake in the combined company. Around 500 colleagues across the region will transition to Grab, and over the coming weeks we will help our customers move to Grab’s apps.
Our journey in Southeast Asia started in Singapore almost five years ago. I’m conscious that much of the hard work happened before I arrived, and I want to recognize the operations you have built across these eight countries. After investing $700 million in the region, we will hold a stake worth several billion dollars, and strategic ownership in what we believe will be the winner in an important global region. That’s all because of you and what you have done.
These are never easy decisions and I know this will mean a big change for you and your families, but I believe that combining forces with Grab is the right thing to do for Uber for the long term.