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Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asia business to bigger regional rival Grab, a source with direct knowledge of the matter said yesterday, in what would be the United States company's second retreat from Asia.

However, acquiring Uber's Southeast outlets will offer Grab a big opportunity to completely dominate ride-hailing services in the entire region.

"Didi fully supports Grab's acquisition of Uber's Southeast Asian operations, and looks forward to continuing a long-term relationship with Grab as a strategic investor", a Didi representative told Caixin.

"After investing $700 million in the region, we will hold a stake worth several billion dollars, and strategic ownership in what we believe will be the victor in an important global region", Khosrowshahi wrote in his missive to staffers.

Uber's brand may be doomed to complete disappearance in Asia as the company left China a year ago after merging with Didi Chuxing, China.

As part of the deal, Uber will take a 27.5 per cent stake in Grab, while Uber's chief executive Dara Khosrowshahi will join Grab's board.

"The combined service of Grab and Uber signals a wider network of TNVS (transport network vehicle service) drivers and passengers and improved ridesharing services", Cu stated.

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While Singapore-based Grab will get Uber's operation in the region, including food delivery service UberEats, According to Bloomberg.

Financial terms of the deal were not disclosed.

She added that the firm will be talking to more than 500 Uber employees here to see "how they would fit into Grab".

The move will free up capital to execute on Uber's growth plans in core markets like North America, Latin America, India and Europe and invest in engineering and product development, they said. These are Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

"Today's acquisition marks the beginning of a new era", said Anthony Tan, Grab's chief executive. "Khosrowshahi has been maneuvering to make the company profitable before a planned initial public offering expected next year".

This is just the latest global retreat by Uber, which sold off its operations in China in 2016 and in Russian Federation in 2017.


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