MANILA -- The Philippine Competition Commission (PCC) has not yet received any notice of transaction from transport network vehicle services (TNVS) companies Grab and Uber on the former’s acquisition of the latter.
“No notification has been filed at the PCC by Grab or Uber to date,” PCC Chairman Arsenio Balisacan said Monday.
Grab confirmed its acquisition of Uber’s rideshare and food delivery business in Southeast Asia, which will be integrated into Grab’s transportation and fintech platform, on Monday.
“The acquisition reflects Grab’s transport market leadership in Southeast Asia -- and Grab will also take over the Uber Eats operations to immediately become a major player in food delivery services,” Grab said in a statement.
“If the parties meet the new threshold, now set at PHP2 billion for size of transaction and PHP5 billion for size of party, they should notify the PCC within 30 days after the signing of their definitive agreement,” said Balisacan.
The value of the transaction has also not been disclosed by either of the parties yet. (PNA)
