Uber finalizes sale of Southeast Asian ops to Grab: Report

Photo: Uber / Facebook
Photo: Uber / Facebook

It appears the deal has been sealed between Uber and Grab in Southeast Asia.

According to a Bloomberg report on Sunday, Uber “has reached an agreement to sell its Southeast Asian ride-hailing business to rival Grab”.

READ: Is Uber preparing to sell its Southeast Asia unit to Grab? 

Once official, the deal means the operations of Uber (including Uber Eats) in Southeast Asia will be handed over to Grab, leaving only a stake of 25 to 30 per cent left for Uber.

READ: Grab close to finalizing deal to acquire part of Uber’s operations in Southeast Asia 

After leaving China’s ride-hailing market in 2016, this deal is another hit to Uber’s capacity to catch up with local competitors.

Neither Grab nor Uber has issued a statement regarding the agreement.

 

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CITY: SINGAPORECATEGORY: NEWSSUB-CATEGORIES: TRANSPORTATION

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