Grab Philippines Announces Acquisition Of Move It

Grab Philippines: “We concluded a deal to acquire Move It’s operation in the Philippines.”

GRAB PHILIPPINES — The rides, delivery, food, and retail platform officially announced on Thursday that it has acquired motorcycle taxi firm Move It.

Grab Philippine and Move It

At a press briefing in Pasig City, Grab PH Senior Director for Operations and Strategy Ronald Roda said that the company concluded a deal to acquire Move It’s operation in the country.

He also said that Move It will not be merged with Grab, adding that Move It will use its own platform and will continue to operate in the country as a separate entity.

We concluded a deal to acquire Move It’s operation in the Philippines,” Roda said. “There’s a change in ownership, but there’s no merger of operations.

Based on a report on GMA News Online, Roda declined to disclose the cost of the transaction but he said that the amount is below the Philippine Competition Commission’s PHP 1-billion threshold for compulsory notification of mergers and acquisitions.

The acquisition came nearly a year after Grab announced a partnership with Move It that enabled Move It’s motorcycle taxi hailing services to be booked through the Grab app.

READ ALSO: House Panel Urges DOTr To Retain Grab-Move It Partnership In Motorcycle Taxi Pilot Study

Grab PH Director for Public Affairs Sherielysse Bonifacio, meanwhile, said that the company has done its “thorough due diligence” before the acquisition was concluded.

She also said that there are no legal impediments to the transaction as long as Move It and Grab comply with the motorcycle taxi pilot study’s regulations, adding that both parties also reached out to the House of Representatives and the Senate to discuss legal issues concerning the transaction.

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