SINGAPORE (Reuters) - Grab, Southeast Asia's biggest ride-hailing and food delivery firm, has called off its proposed acquisition of Singapore's third-largest taxi operator, Trans-cab, according to a statement from Singapore's competition watchdog.
The Competition and Consumer Commission of Singapore (CCCS) said in the statement on Thursday evening that both Grab and Trans-cab had notified it on July 22 that they would no longer be proceeding with the proposed acquisition.
"With the termination of the proposed acquisition, the parties have withdrawn their application to CCCS for a decision, and CCCS has accordingly ended its assessment of the proposed acquisition," CCCS said in the statement.
Trans-cab did not immediately respond to a request for comment after working hours.
"(The) ruling does not change our determination to do everything that we can to offer affordable, reliable transport options to passengers in Singapore," Yee Wee Tang, managing director at Grab Singapore, said in a statement to Reuters.
The commission added that it encourages businesses with acquisition plans to engage CCCS at an early stage if they think there are likely to be competition concerns.
The commission first raised concerns about the taxi deal in October 2023 before asking Grab and Trans-cab for solutions to address competition concerns earlier this month.
Grab is one of the city-state's top ride-hailing companies, with the deal for Trans-cab reported to be worth around S$100 million ($74.55 million).
($1 = 1.3414 Singapore dollars)