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Ride-hailing giant Uber selling up to Grab across Southeast Asia

Ride-hailing giant Uber selling up to Grab across Southeast Asia

Uber's Khosrowshahi said the deal would "help us double down on our plans for growth as we invest heavily in our products and technology".

The sales price has not been disclosed, but Uber will receive a 27.5% stake in Grab as part of the deal, reports Recode.

Poe, who chairs the Senate public services committee, said there should be no service disruption despite the deal which the two ride hailing companies have finalized, as reported by Bloomberg News.

And Japanese tech company SoftBank agreed to buy a 15% stake in Uber at the end of previous year.

Grab also plans to enhance other services in southeast Asia including its marketplace for shared bicycles GrabCycle, service for on-demand bus routes called GrabShuttle, and its mobile wallet GrabPay.

Grab will take control of Uber operations in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The Uber app will continue to run for the next two weeks while Uber drivers and riders, UberEats customers, merchant partners, and delivery partners are migrated to the Grab platform.

Today, those rumours and speculations are put to rest as Grab officially announces that they're taking over operations for Uber in Southeast Asia. Pulling out of markets like Southeast Asia would boost profits at a company that has burned through $10.7 billion since its founding nine years ago.

Exiting those markets is a remarkable shift in Uber's strategy. Uber includes the United States, Australia, New Zealand and Latin America among its core markets - regions where it has more than 50 percent market share and is profitable or sees a path to profitability.

Uber once wanted to expand all over the world, but on Monday it added to its list of big strategic retreats-with a little encouragement from its biggest investor these days, SoftBank.

Khosrowshahi signalled during a trip through Asia last month that he's committed to other key markets such as Japan and India. The merging of Uber Eats will further give Grab an advantage over Go-Jek, which also has a vast range of services apart from ride hailing.

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