Lee,
That's correct.
It was announced on the BBC and CNN (Philippines) this morning. Uber will retain a 27.5% stake in the new enterprise, and quote " ... we are working with Grab to ensure our drivers will be migrated to Grab as soon as possible ... " unquote.
How that will sit with the Philippines' LTFRB, and other regulatory authorities here, as there is an ongoing problem between them and the companies, is anybody's guess. It's OK for talking heads in plush corporate offices to decide this and trouser the cash.
But ...... what happens on the ground, in the meantime, to "Juan and Juanita Driver" with huge car loans they took out when starting with Uber, and now have to them pay off?

Peter