Uber to sell south-east Asia business to competitor Grab
by Julia Kollewe from Technology | The Guardian on (#3K43E)
US ride-hailing firm will take 27.5% stake in Asia-based Grab and its CEO will join Grab's board
Uber is selling its south-east Asian ride-hailing and food delivery business to bigger regional rival Grab, as its seeks to cut losses ahead of a potential stock market flotation next year.
The move marks the US company's third major retreat overseas, following its exit from China in 2016 and Russia last year.
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