Singapore's ComfortDelGro picks 51% stake in Uber's car rental unit for $218m

Singapore's ComfortDelGro picks 51% stake in Uber's car rental unit for $218m

Photo: Bloomberg

ComfortDelGro Corp., Singapore’s largest taxi operator, on Friday announced it is buying a 51 per cent stake in Uber Technologies Inc.‘s car rental unit in Singapore for S$295 million ($218 million) and forming a joint venture with the ride-hailing giant.

Uber will retain the remaining 49 per cent stake in Lion City Holdings Pte Ltd, its wholly-owned car rental subsidiary in Singapore. The subsidiary operates Lion City Rentals which has a fleet of about 14,000 vehicles.

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