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Uber Pulls Out of Southeast Asia, Selling Operation to Rival Grab

  • Grab to buy ride-sharing, food delivery businesses in region
  • Uber gets 27.5% stake in rival, CEO to join Grab’s board
Bloomberg business news
Bloomberg’s Yoolim Lee reports on Uber’s decision to sell its Southeast Asian operations to Grab.(Source: Bloomberg)

Uber Technologies Inc. has agreed to sell its Southeast Asian operations to Grab, withdrawing from yet another fast-growing region to end a war of attrition with a fierce local rival.

Under the agreement, Grab will acquire all of Uber’s operations in a region of 620 million people, including food delivery service UberEats. The U.S. ride-hailing behemoth in return gets a 27.5 percent stake in Grab and its chief executive officer will join the board of the Singapore-based company. Bloomberg News reported over the weekend that the two companies had finalized a deal.