Uber Technologies Inc. has reached an agreement in principle to sell most of its Southeast Asia operations to local rival Grab Inc., ending a costly fight for market share in the fast-growing region, as reported by Bloomberg.
According to the report, the agreement -- which includes all of Uber’s operations in Southeast Asia as well as Uber Eats in the region -- gives Uber a stake of between 25 percent and 30 percent in the new combined business.
The deal, which Bloomberg outlined earlier this month, marks Uber’s operational exit from yet another major market and hands a victory to Grab as it battles local competitor Go-Jek.
Travis Kalanick, Uber’s former chief executive officer, sold Uber’s business in China in 2016 in return for a 17.5 percent stake in Chinese ride-hailing leader Didi Chuxing.
Then Uber agreed to sell its Russian business to Yandex -- just before Dara Khosrowshahi took over as chief executive.
The source said Uber and Grab are expected to announce the deal as early as Monday. Uber declined comment and Grab was not immediately available for a comment.
The Straits Times reports, Grab, which has more than 86 million mobile app downloads, currently offers services in more than 190 cities across Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.
