Uber close to announcing deal on Southeast Asian business sale to Grab

The latest Uber-Grab deal marks another exit for the former from another major market.

Neighourhood Technology Desk/Avi Arya: Uber Technologies Inc. has reached an agreement to sell its Southeast Asian ride-hailing business to rival Grab and could announce the deal as early as Monday morning in Singapore.

SoftBank Group Corp., a major backer of Grab’s and Uber’s as well as China’s Didi Chuxing, has pushed consolidation to improve the profitability of a global ride-hailing business that bleeds billions of dollars a year. New entrants and the strength of second-place regional players such as Lyft Inc. in the U.S. has complicated those efforts. Representatives for Grab and Uber declined to comment.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s