07:33 AM EST, 11/10/2025 (MT Newswires) -- Grab Holdings ( GRAB ) said Monday it agreed to make a $60 million initial investment in remote driving technology provider Vay Technology.

Under the terms, Vay will issue to Grab new shares and zero-strike warrants that will become exercisable subject to achievement of certain milestones over a three-year period following close.

The company expects the investment to close in Q4, following which Grab will hold a minority equity interest in Vay.

Subject to financial and operating milestones, and regulatory approvals, Grab will increase its stake in Vay with an additional $350 million within the first year after closing.

Three years following the deal's closing, if Grab has completed the acquisition of the additional equity interest and all the warrants have become exercisable, the company will potentially own a majority equity interest in Vay on a fully diluted basis, it said.

Grab shares were up 6.1% in recent premarket activity.