Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • Dow

    39,760.08
    +477.75 (+1.22%)
     
  • Nasdaq

    16,399.52
    +83.82 (+0.51%)
     
  • Bitcoin USD

    70,452.83
    +305.90 (+0.44%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.37
    +20.39 (+0.26%)
     
  • Gold

    2,235.40
    +22.70 (+1.03%)
     
  • Crude Oil

    82.58
    +1.23 (+1.51%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Daimler's MyTaxi to merge with Hailo to take on Uber - sources

FRANKFURT (Reuters) - Daimler will deepen its European footprint in the ride-hailing business when its MyTaxi smartphone app unveils an all-share merger deal with U.K. rival Hailo as soon as Tuesday, three sources briefed on the matter told Reuters.

It is the latest push by traditional carmakers to enter the taxi ride hailing services market dominated by technology companies like Uber. In similar deals earlier this year, Volkswagen took a $300 million stake in Gett and General Motors invested $500 million into Lyft.

Hailo is strong in the United Kingdom and Ireland, and will combine its business with Daimler's MyTaxi giving the German carmaker a majority stake in the combined business, two sources, who declined to be named, told Reuters.

The sources declined to be identified because the matter is still confidential.

Sky News was first to report the potential combination of MyTaxi and Hailo.

(Reporting by Edward Taylor; Editing by Stephen Coates)