Grab has announced that it has acquired Uber’s south-east Asia operations.

The deal is the largest of its kind in the region. Grab will integrate Uber’s ride-sharing and food delivery business into Grab’s existing multi-modal transportation and fintech platform. With the combined business, Grab will drive towards becoming the No 1 online-to-offline (O2O) mobile platform in south-east Asia and a major player in food delivery.

Grab provides the fundamental services  consumers care most about: safe and affordable transport, food and package delivery, mobile payments and financial services.

Grab claims it will extend its leadership as the most cost-efficient Southeast Asian platform, as it takes over Uber’s operations and assets in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As part of the acquisition, Uber will take a 27.5% stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board.

Anthony Tan, group CEO and co-founder, Grab, said: “We are humbled that a company born in SEA has built one of the largest platforms that millions of consumers use daily and provides income opportunities to more than five million people. Today’s acquisition marks the beginning of a new era. The combined business is the leader in platform and cost-efficiency in the region. Together with Uber, we are now in an even better position to fulfil our promise to outserve our customers. Their trust in us as a transport brand allows us to look towards the next step as a company – improving people’s lives through food, payments and financial services.”

Tan Hooi Ling, co-founder, Grab, said: “We will rapidly and efficiently expand GrabFood into all major SEA countries in the next quarter. We’re going to create more value for our growing ecosystem of consumers, drivers, agents – and now merchants and delivery partners. GrabFood will also be another great use case to drive the continued adoption of GrabPay mobile wallet and support our growing financial services platform.”

Dara Khosrowshahi, CEO of Uber, said: “This deal is a testament to Uber’s exceptional growth across south-east Asia over the past five years. It will help us double down on our plans for growth as we invest heavily in our products and technology to create the best customer experience on the planet. We’re excited to take this step with Anthony and his entire team at Grab, and look forward to Grab’s future in south-east Asia.”