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27 Mar 2018, Waratthapoom Buarapha, EMIS Editor

Uber agrees to sell Southeast Asia arm to Grab

Uber Technologies Inc has decided to sell its ride-sharing and food delivery business in Southeast Asia to its rival Grab as the US ride-hailing company prepares to exit from the market, The Malaysian Reserve has reported referring to the statement of Uber CEO Dara Khosrowshahi.

In exchange, Uber will receive a 27.5% stake in Grab and Khosrowshahi will join the board of Grab, the Malaysian Reserve noted.

The US company will officially stop providing its services in Southeast Asia on the 8th of April and transfer its 500 staff to Grab. The Uber app can still be used by customers in the region for two more weeks while Uber Eats will continue to operate until end of May.

Sign in and read the full article in emis.com Original source: The Malaysian Reserve