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Uber agrees to sell Southeast Asia business to Grab after costly battle

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By Aradhana Aravindan and Heather SomervilleSINGAPORE/SAN FRANSICO (Reuters) - Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said in a statement on Monday, marking the U.S. company's second retreat from an Asian market.The deal marks the industry's first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on Indonesia's Go-Jek, which is backed by Alphabet Inc's Google and China's Tencent Holdings Ltd.As part of the transaction, Uber will take a 27.5 percent stake in the ...

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First Published: Mon, March 26 2018. 08:34 IST