Mar 26, 2018
Uber is selling its south-east Asia operations to rival Grab
US ride hailing firm Uber is selling its South-East Asian business to regional rival Grab, sources familiar with the deal have told the BBC. The sale is expected to be announced later on Monday. The move echoes Uber's 2016 sale of its China business to local rival Didi Chuxing and marks a further retreat from international operations. Last year Uber lost $4.5bn and its chief executive as the firm underwent a fundamental shake-up. According to Bloomberg, which first reported the deal with Grab, it includes the sale of all of Uber's operations in the region including Uber Eats. Last November Uber's chief executive, Dara Khosrowshahi, said the company's Asia operations were not going to be "Profitable any time soon" and said he would like to see some changes.
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