Ride hailing firm Uber is selling operations in South East Asia to regional rival Grab, with the sale expected to be announced later today.
The deal mimics Uber’s 2016 sale of Chinese operations to their local rival Didi Chuxing, with the company retreating further from international operations.
Although there has been no official confirmation of the deal yet, Uber is expected to retain a 30 per cent stake in the business with the deal also including the sale of Uber Eats operations in the region.