Uber Technologies Inc. has reached a preliminary agreement to sell most of its Southeast Asian operations to local rival Grab Inc., ending a costly battle for market share within the fast-growing region, it said. Bloomberg.
The deal – which covers all of Uber’s operations in Southeast Asia, in addition to Uber Eats within the region – gives Uber a stake of between 25 and 30 percent in the brand new, combined company, in accordance with the report.
The deal Bloomberg reported scratched earlier this month marks Uber’s operational exit from one other major market and secures victory for Grab within the fight against local competitor Go-Jek.
Travis Kalanick, former CEO of Uber, sold Uber’s operations in China in 2016 in exchange for a 17.5 percent stake in Chinese ride-hailing company Didi Chuxing.
Then Uber Agreement sell its Russian business to Yandex – just before Dara Khosrowshahi took over as CEO.
The source said Uber and Grab are expected to announce the deal as early as Monday. Uber declined to comment, while Grab was not immediately available for comment.
Strait Times Grab, whose mobile app has been downloaded greater than 86 million times, currently offers its services in greater than 190 cities across Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia, in accordance with the corporate.
