From CNET: Uber has lost more Asian territory.
After letting go of its Chinese operations in 2016, the ride-hailing giant said Monday it has signed a deal to sell its businesses in Southeast Asia to Grab, its rival in the region.
Grab will take over all of Uber's businesses, including its ride-sharing, food delivery and payments and financial services in Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, according to a statement.
As part of the acquisition, Uber will take a 27.5 percent stake in Grab, with Uber CEO Dara Khosrowshahi joining Grab's board.
It's not Uber's first retreat from Asia. The ride-hailing company sold its operations in China to Didi Chuxing, the country's biggest ride-sharing provider, in July 2016. Rumours about Grab's acquisition have been swirling since Softbank, an investor in Grab, confirmed its investment in Uber last December.
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