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 ...
MORE ON MARKETS:
Copyrights © 2020 Business Standard Private Ltd. All rights reserved.
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of "Business Standard Premium Services"
As a premium subscriber you get an across device unfettered access to a range of services which include:
- Access Exclusive content - articles, features & opinion pieces
- Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
- Access to 17 plus years of content archives
- Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
- End of day news alerts on 5 companies (via email)
- NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
In Partnership with
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.
Team Business Standard