Uber-Delivery Hero: a new overhang for Grab. Uber's return to ASEAN could reshape competition
Maybank maintain BUY on Grab with tp of USD6.25; but prefer Sea’s better risk reward.
Uber's proposed USD15b acquisition of Delivery Hero could mark its return to ASEAN 8 years after its exit from the region.
While regulatory approval is one hurdle, we believe the bigger question is whether Uber intends to rebuild a long-term operating presence in ASEAN. Several aspects of the transaction suggest that it does.
Most notably, despite the existing noncompete agreement with Grab, Uber excluded Foodpanda's ASEAN operations from the SSW Partners divestment, even though the business is worth just c. USD1b within a USD15b transaction.
In our view, this suggests Uber deliberately preserved its strategic optionality, making the acquisition more than just a food delivery deal — it could ultimately reshape competition across ASEAN's on-demand services landscape.
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