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Uber said to have reached in-principle agreement to sell Southeast Asia business to Grab

Tech

Uber said to have reached in-principle agreement to sell Southeast Asia business to Grab

Michelle Zhu Published on Tue, Mar 13, 2018 / 10:41 AM GMT+8

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SINGAPORE (Mar 13): The battle between ride-hailing giants Grab and Uber Technologies for market share in Southeast Asia could draw to a close.

According to sources of the Wall Street Journal (WSJ), Uber has agreed, in principle, to sell most of its Southeast Asia operations to Grab in exchange for a 30% stake in the firm or less.

The two companies are said to be still hashing out the final terms of the pact.