Home / Business and Economy / Uber Won't Buy Grab, Filing Reveals
Uber Won't Buy Grab, Filing Reveals
23 Sep
Summary
- Uber's filing shows no intent to control Grab.
- Grab's dual-class shares limit Uber's voting power.
- A covenant restricts Uber from competing with Grab.
Uber has definitively stated it will not pursue the acquisition of Grab, according to its latest securities filing. This disclosure follows Grab CFO Peter Oey's announcement that Uber CEO Dara Khosrowshahi stepped down from Grab's Board of Directors on July 6, 2026. In the amended beneficial ownership filing submitted on July 8, 2026, Uber explicitly confirmed no ongoing discussions regarding control of Grab.
Uber's current 13.5% stake in Grab is a remnant of a 2018 transaction where Uber exchanged its Southeast Asia ride-hailing operations for equity. Despite this significant economic ownership, Uber's voting leverage is considerably diminished due to Grab's dual-class share structure. Class B shares carry disproportionately more votes than Class A shares, a detail highlighted in Grab's Form 20-F filed on March 6, 2026.
Furthermore, a non-compete covenant restricts Uber from competing with Grab in their core markets for a year after divesting its entire Grab shareholding. This covenant, as stated by Grab CEO Anthony Tan, significantly shapes Uber's available options regarding its stake, effectively closing off hostile takeover possibilities and prioritizing a friendly divestment route.
