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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Air China to buy 100 locally made C919 jets in US$11 billion deal
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter