Taxi operator ComfortDelGro has pulled out of an agreement to acquire a 51-per-cent-stake in Uber’s car rental subsidiary, Lion City Holdings Pte Ltd.
According to a report in Today, ComfortDelGro and Uber agreed to dissolve the strategic agreement that they inked in December 2017.
As a result, the application to the Competition and Consumer Commission of Singapore (CCCS) for the deal will be withdrawn.
The news follows ride-hailing app Grab’s acquisition of Uber’s Southeast Asian operations in March. The acquisition is currently being reviewed by the CCCS.