Uber has sold its South East Asia business to competitor, Grab

Recode -------- Uber is officially exiting South East Asia. The ride-hail company has agreed to sell its regional business to its primary competitor, Grab. The sale price wasn’t disclosed but as part of the deal, Uber will be getting a 27.5 percent stake in the company, described as worth “several billion dollars,” by Uber CEO Dara Khosrowshahi in an email sent to employees. He will also be joining Grab’s board. Grab, backed by Softbank and former Uber competitor Didi, will also inherit 500 Uber employees across the region, according to an email Khosrowshahi sent to staff. To learn more click on the picture below to read the article.