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Singapore's ComfortDelGro to buy 51% stake in Uber unit for $218 mn

The announcement came after trading hours on Friday, with the company's shares ending the day 1.6 percent lower


Singapore's ComfortDelGro Corp said on Friday it is buying a 51 percent stake in private hire vehicle fleet owner Lion City Holdings from Uber Technologies' unit Mieten B.V. for S$295 million ($217.99 million) in cash, in a bid to tackle local rival Grab. Lion City Holdings owns Lion City Rental, which runs a fleet of 14,000 vehicles. The island-state's biggest taxi operator said in a statement that the deal would create the opportunity for its drivers to receive ride requests on the Uber driver application, while letting users of the Uber application book a ...

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First Published: Fri, December 08 2017. 18:16 IST