ComfortDelGro to buy 51% of Uber's Lion City rental car firm

TAXI giant ComfortDelGro is taking a majority 51 per cent stake in Uber's rental car business Lion City Holdings, ending months of speculation on how the two partners will team up in the disrupted sector.

ComforDelgro and Uber said in a joint statement that the deal, "valued at about $642 million, with a cash consideration of $295 million, ranks as ComfortDelGro's single largest deal to-date".

The bold move will put ComfortDelGro's taxis and Lion City Rental's private-hire cars - which total 14,000 units - under a centralised fleet management system, which will handle the despatching of vehicles to customers.