SINGAPORE: A deal for ride-hailing platform Grab to , take over , taxi operator Trans-cab , will no longer go ahead, said Singapore’s competition watchdog on Thursday ( Jul 25 ).
Get and Trans-cab reportedly notified the Opposition and Consumer Commission of Singapore (CCCS) on Monday that the two parties did not proceed with the proposed consolidation.
Following a preliminary analysis had determined that the software company’s proposed merger might present challenges for foe platforms, CCCS began an in-depth evaluation of the deal in January. The initial public announcement regarding the proposed merger came next July.
The organization earlier this month warned that drivers and passengers may be subject to higher rates if the price restrictions on Grab from rival platforms are eased.
” With the termination of the proposed merger, the parties have withdrawn their software to CCCS for a decision, and CCCS has correctly ended its evaluation of the proposed consolidation”, said the opposition watchdog on Thursday.
It added that Grab and Trans-cab “appreciated the comprehensive evaluation and their appreciation for the regulation approach”
CCCS noted Grab’s” devotion to operating in accordance with competition laws and their goal to positively influence the competitive environment in , Singapore.”
Businesses with consolidation plans should work with CCCS at an early stage of the process if they believe their plans will raise concerns about competition, according to the statement.