Grab To Make Investment In Vay

(RTTNews) - Grab Holdings Limited signed definitive agreements to invest in Vay Technology GmbH, a provider of automotive-grade remote driving technology, for $60 million in cash. Upon Closing, Grab will hold a minority equity interest in Vay. In addition, subject to financial and operating milestones, regulatory approvals and other conditions, Grab will increase its equity interest in Vay with an additional $350 million within the first year after Closing.

Vay offers an on-demand car rental service enabled by remote driving technology. Through the Vay mobile app, customers request an electric vehicle to be remotely delivered to their location. Grab serves over 800 cities in eight Southeast Asian countries - Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Shares of Grab are up 6% in pre-market trade on Monday.