Uber sold its Southeast Asian business to rival Grab

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Uber sold its Southeast Asian business to rival Grab on Monday, ending a bruising battle between the ride-hailing behemoths and marking the U.S. firm's latest retreat from global markets.

Transport network company Grab has confirmed that they have acquired Uber's operations in the Southeast Asia, including the Philippines.

Grab's deal with Uber would be similar to the one struck in China in 2016, when Didi Chuxing bought out Uber's China business and handed over a stake in return.

Grab said that Uber will take a 27.5 percent stake in it and a seat on its board as part of the deal. The Uber app will be terminated in just two weeks and in the mean while its drivers have to enroll up to drive with Grab.

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Expectations of consolidation in Asia's fiercely competitive ride-hailing industry were stoked earlier this year when Japan's SoftBank Group Corp made a multi-billion dollar investment in Uber.

The deal will also give Grab, which has been investing heavily in its food deliver business, access to UberEats. Until then, you can still use Uber Eats or call a vehicle or drive using the Uber app, but these are the grace periods for you to make the move to Grab. The companies declined to disclose the deal's price tag.

The move will free up capital to execute on Uber's growth plans in core markets like North America, Latin America, India and Europe and invest in engineering and product development, they said.

"Today's acquisition marks the beginning of a new era", said Grab chief executive Anthony Tan.

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Khosrowshahi has been pushing to clean up the company's financials in preparation for an initial public offering next year. "The combined business is the leader in platform and cost efficiency in the region".

The move follows the USA firm's retreat from China and Russian Federation and comes as new chief executive Dara Khosrowshahi attempts to turn its fortunes around.

Grab says it operates in 191 cities in the region - about three times as many as Uber - and also offers motorbike, carpooling and cashless payment services. According to reports, the company suffered $4.46 billion in losses past year, but improved over time, losing $1.1 billion in the fourth quarter, compared with $1.5 billion in the third quarter.

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