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Uber to sell Southeast Asia business to Grab for 27.5% stake in merged firm

Uber CEO Dara Khosrowshahi will join the board of the Singapore-based ride-hailing company. The cease-fire marks a victory for Grab as well as SoftBank Group, the biggest shareholder in both firms

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Grab, based in Singapore, is battling Uber on two and four wheels in 31 cities across six countries in Southeast Asia. Photo: Grab

Yoolim Lee and Eric Newcomer | Bloomberg

Last Updated : Mar 26 2018 | 8:13 AM IST

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 US ride-hailing behemoth in return gets a 27.5 per cent stake in a combined entity and its chief executive officer Dara Khosrowshahi will join the board of the Singapore-based company. Bloomberg News reported over the weekend that the two companies had finalised a deal.

The cease-fire marks a

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