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Singapore fines Grab and Uber $9.5 million over merger
- Tuesday | 25th September, 2018
The regulator said it has fined Uber S$6.6 million and Grab S$6.4 million to deter future completed, irreversible mergers that harm competition. SINGAPORE (Reuters) – Singapore’s anti-trust watchdog fined ride-hailing firms Grab and Uber a combined S$13 million ($9.5 million) over their merger deal, and ordered Uber to sell vehicles from its local leasing business to any rival that makes a reasonable offer. US-based Uber Technologies sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a 27.5% stake in the Singapore-based firm. The deal invited regulatory scrutiny in the region, with the Competition and Consumer Commission of Singapore (CCCS) – in a rare move – launching an investigation just days after the deal was announced. Grab said it completed the transaction within its legal rights, and maintained it did not intentionally or negligently breach competition laws.
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