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Uber to sell its Southeast Asian business to Grab

By Cookie Monster - on 25 Mar 2018, 8:51pm

Uber to sell its Southeast Asian business to Grab

Update, March 26, 10AM: It's official.

Uber Technologies is exiting yet another major market according to Bloomberg. 

Sources told Bloomberg that Uber has inked a deal to sell its Southeast Asian ride-hailing business to Grab. The deal could be announced as early as tomorrow (26 March) morning in Singapore. The deal includes all of Uber's operations in Southeast Asia as well as Uber Eats in the region.

Uber sold its business in China two years ago for a 17.5% stake in Chinese ride-hailing service Didi Chuxing. In July 2017, Uber sold its Russian business to Yandex. 

The exit from Southeast Asia could help Uber clean up its financials in preparations for an initial public offering next year. It remains committed to key markets such as Japan and India. 

Source: Bloomberg