Deals
Uber Pulls Out of Southeast Asia, Selling Operation to Rival Grab
- Grab to buy ride-sharing, food delivery businesses in region
- Uber gets 27.5% stake in rival, CEO to join Grab’s board
This article is for subscribers only.
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 U.S. ride-hailing behemoth in return gets a 27.5 percent stake in Grab and its chief executive officer will join the board of the Singapore-based company. Bloomberg News reported over the weekend that the two companies had finalized a deal.