Uber Technologies is gearing up to sell its Southeast Asia business to Grab in Singapore. In exchange for the busiess, Uber will take a substantial stake in the company according to souces.
No deal has been reached yet and the timing of any deal is uncertain, the report said. Uber and Grab declined to comment.
The move would follow Uber’s strategy in China, where the company sold its ride-hailing operation to Didi for 20 percent ownership, and Russia, where the company merged its local business with Yandex’s ride-hailing business for a 37% stake, the financial news broadcaster said.
Reuters reported in November that SoftBank Group’s multibillion-dollar investment in Uber had opened up the possibility of combining it with other ride-hailing assets that the Japanese group owns.
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