Singapore fines Uber, Grab for 'anti-competitive' merger

September 24, 2018 - 3:37 am

SINGAPORE (AP) — Singapore's competition watchdog has fined ride-hailing giant Uber and its regional rival Grab 13 million Singapore dollars ($9.5 million) for a merger in Southeast Asia that the agency says has driven up fares and reduced competition in the market.

The Competition and Consumer Commission of Singapore said Monday that Uber's sale of its regional business to Grab in March infringed on the Competition Act. Uber took a 27.5 percent stake in Grab as part of the deal.

The watchdog said it found the merger caused fares to rise by 10-15 percent.

Uber was ordered to pay a 6.6 million Singapore dollar ($4.8 million) fine, while Grab was fined 6.4 million Singapore dollars ($4.7 million).

The commission said the fines were meant to "deter completed, irreversible mergers that harm competition."

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