Uber to sell Southeast Asian business to regional rival Grab

Uber has agreed to sell its Southeast Asia business to rival Grab		
	Jon Russell

   	7 hours

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

Once SoftBank, an existing backer of Grab and several other Uber rivals (including China's Didi Chuxing, and India's Ola), made clear in August 2017 its intentions to fund Uber, many speculated that a merger between the two companies was imminent.

Another source familiar with the deal said Uber would acquire a 25 percent to 30 percent stake in Grab, valuing the entire business at $6 billion, the same valuation it commanded in its most recent capital raising. He did not want to be identified as the deal is not public yet.

Uber CEO Dara Khosrowshahi has been pushing to burnish the financials of a company that's burned through $10.7 billion since its founding nine years ago. SoftBank also invested in Grab.

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Aside from Uber's transportation platform, Grab will also receive UberEATS as part of the acquisition. Grab has announced that the Uber app will still continue working in the Southeast Asian region for another two weeks ending on the 8th of April 2018. Grab currently operates in eight Asian markets - Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Cambodia, and Myanmar - and it's in these regions that Uber is now ceding control to its rival.

Without any major competition around, the inevitable question arises: how will this acquisition mean for consumers in the near future, who have long enjoyed rebates and discounted rides thanks to the stiff competition between Uber and Grab.

"It will help us double down on our plans for growth as we invest heavily in our products and technology", Khosrowshahi said in a statement. A more robust food service will give Grab an advantage over Go-Jek, according to a person close to Grab.

Anthony Tan, Grab group CEO and co-founder, said, "Together with Uber, we are now in an even better position to fulfill our promise to outserve our customers". "The combined business is the leader in platform and cost efficiency in the region". Keep in mind that any data that you've previously shared with Uber (excluding payment information) will be transferred to Grab but will not be visible in the Grab app.

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