Grab to Buy Singapore's Third-Largest Taxi Company for S$ 100 Million

GRAB - SINGAPORE. Southeast Asian ride-hailing company Grab plans to acquire Singapore's third-largest taxi operator Trans-Cab for around S$100 million ($75.64 million), the Straits Times newspaper reported on Thursday, citing sources.

The acquisition would include 2,200 taxis and more than 300 private-hire vehicles owned by Trans-Cab, the Singapore national daily said.

The acquisition process started two months ago and is slated to be completed this week, it added, without specifying how many sources it spoke to.

Grab did not immediately respond to a Reuters request for comment.

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.