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Uber to sell Southeast Asian operations to Grab, get stake in combined business - source

Business Finance

Reuters  |  SINGAPORE 

SINGAPORE (Reuters) - Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asian business to the region's bigger rival Grab, a source with direct knowledge of the matter said on Sunday, in what would be the U.S. company's second retreat from Asia.As part of the transaction, Uber would get a stake of as much as 30 percent in the combined business, the source said. He did not want to be identified as the deal is not public yet.A multi-billion dollar investment in Uber earlier this year by Japan's SoftBank Group, already one of Grab's main investors, had stoked expectations that ...

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First Published: Sun, March 25 2018. 17:08 IST