According to Bloomberg, Uber has reached an agreement with Grab to sell its regional operations in Southeast Asia in exchange for a 25 to 30 percent stake. Grab will take over Uber’s market in eight countries within the region.
Sources tell Bloomberg the agreement could be announced as early as this week. The deal also includes the sale of Uber Eats in Malaysia, Singapore, and Thailand.
Earlier this month, reports spread of Uber negotiating a deal to sell their business to Singapore-based rival Grab. Uber had previously sold their area operations for a stake in the buyer’s business, such as China’s Didi Chuxing for 17.5 percent and Russia’s Yandex for over 36 percent.
It should also be noted that Uber, Grab, and Didi Chuxing’s largest shareholder is one and the same: Japan’s SoftBank, who might be pushing to consolidate along with other ridehailing companies they are sponsoring.