Uber to sell its operations to Grab

Uber to sell its operations to Grab

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SINGAPORE: Ride-hailing firm Uber has fervently agreed to sell its Southeast Asian business to the region’s bigger competitor ‘Grab’, a source with direct knowledge addressed on Sunday.

As part of the agreed upon transaction, company would get a stake of as much as 30% in the combined business, the source stated. He did not want his identity to be revealed till the deal does not go public.

A multi-billion-dollar investment in company earlier this year by Japan’s SoftBank Group, already one of Grab’s main investors, had stoked expectations that they would merge their Southeast Asian business with Grab.

The source said Uber and Grab are expected to announce the deal as early as Monday.

However, Uber and Grab were not immediately available for a comment.

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