Gibson, Dunn & Crutcher has represented Toyota Motor Corporation on its agreement to buy a $1 billion stake in Southeast Asia’s Grab, which was counselled by Hughes Hubbard & Reed. 

The value of six-year-old Grab will be just over $10 billion after the investment, reported Reuters, adding that this was the biggest investment by a carmaker into a ride-hailing firm, at a time when traditional automakers are racing to team up with disruptive tech companies.

Grab said it logs six million rides a day via apps downloaded onto over 100 million mobile devices, added Reuters. The firm also offers online to offline services, such as food delivery and digital payments, which it aims to expand deeper into the region using funds from its latest financing round.

Other Grab investors include Japan’s Honda Motor, South Korea’s Hyundai Motor and Chinese ride-hailing firm Didi Chuxing. Uber acquired 27.5 percent of Grab in exchange for the U.S. firm’s Southeast Asian business earlier this year, Reuters said.

The Gibson Dunn team was led by Los Angeles corporate partner Keith Biancamano and Singapore corporate partner Saptak Santra.

 

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