Grab to buy Singapore's third-largest taxi company Trans-Cab

Southeast Asian ride-hailing company Grab plans to acquire Singapore's third-largest taxi operator Trans-Cab, the companies said in a joint statement on Thursday.

The acquisition would include a combined taxi and private-hire-vehicle fleet of more than 2,500 vehicles owned by Trans-Cab, they said.

The Straits Times newspaper on Thursday cited sources as saying the deal was for around S$100 million ($75.62 million) and was expected to be completed this week.


Grab told Reuters the purchase price reported by Straits Times was inaccurate but did not provide further details.

"We see this as a strategic match with win-win-win outcomes for all," said Yee Wee Tang, Managing Director at Grab Singapore.

Jasmine Tan, General Manager at Trans-cab said the deal would ensure their taxi drivers would remain "competitive".

Southeast Asia's leading ride-hailing and food delivery app announced in June that it was cutting 1,000 jobs or 11% of its workforce.