SINGAPORE (July 20): Southeast Asian ride-hailing company Grab plans to acquire Singapore's third-largest taxi operator Trans-Cab, the companies said in a joint statement on Thursday (July 20).

The acquisition would include a combined taxi and private-hire-vehicle fleet of more than 2,500 vehicles owned by Trans-Cab, they said.

The Straits Times newspaper on Thursday cited sources as saying the deal was for around S$100 million (RM344.8 million) and was expected to be completed this week.

Grab told Reuters the purchase price reported by Straits Times was inaccurate but did not provide further details.

"We see this as a strategic match with win-win-win outcomes for all," said Yee Wee Tang, managing director at Grab Singapore.

Jasmine Tan, general manager at Trans-Cab said the deal would ensure their taxi drivers would remain "competitive".

Southeast Asia's leading ride-hailing and food delivery app announced in June that it was cutting 1,000 jobs or 11% of its workforce.