Uber, losing $1 billion a quarter, sells its Southeast Asian business

Enlarge / Dara Khosrowshahi, shown here in 2013, is CEO of Uber. (credit: Matthew Lloyd/Bloomberg via Getty Images)

Uber's retreat from the global ridesharing business continued on Monday as the company announced it was selling its Southeast Asian business to Singapore-based rival Grab. The deal gives Uber a 27.5 percent stake in Grab and gets its CEO, Dara Khosrowshahi, a seat on Grab's board of directors.

Uber is pulling out of Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia. According to Bloomberg, this represents a region of 620 million people. The deal includes the operation of UberEats.

Bloomberg also notes that the deal was brokered by the Japanese firm Softbank, which is the biggest shareholder in both companies.

Read 3 remaining paragraphs | Comments