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Grab's acquisition of Move It does not need approval: antitrust body

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Grab and Move It logos. Photo: Grab Philippines" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/10/18/grab-moveit.jpg"/><figcaption>Grab and Move It logos. <em>Photo: Grab Philippines</em></figcaption></figure></div><p>MANILA - Grab Philippines&#x27; acquisition of motorcycle ride-hailing firm Move It does not need the approval of the Philippine Competition Commission since it likely did not breach the threshold for compulsory notification, the agency said on Tuesday. </p><p>&quot;The parties need not wait for approval from the PCC to consummate the transaction,&quot; the PCC said in a statement. </p><p>Based on available information, the transaction was entered into when the P50 billion notification thresholds under the Bayanihan to Heal as One Act was in effect, it said.</p><p>But the antitrust watchdog said it could still launch a motu proprio review &quot;if it finds reasonable grounds to believe that the deal will result in substantial lessening of competition in the relevant markets.&quot;</p><p>The PCC earlier backed the proposed amendments to the Land Transportation and Traffic Code to allow 2-wheeled vehicles as a mode of public transport.</p><p>Move It is part of the pilot test of motorcycle taxis, along with Angkas and JoyRide.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/01/22/move-it-eyes-onboarding-6k-drivers-after-grab-buyout">Move It eyes onboarding 6,000 more drivers following Grab PH acquisition</a></li>	<li><a href="https://news.abs-cbn.com/business/09/22/21/move-it-motorcycle-taxi-to-be-on-grab-app">MOVE IT motorcycle taxi service to be available via Grab platform</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/nmLwnt8wQ2c?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Grab Philippines' acquisition of motorcycle ride-hailing firm Move It does not need approval from the Philippine Competition Commission, the agency said. 