Grab

Sources Found that Uber Likely to Sell Southeast Asia's Business to Rival Grab

Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, sources with knowledge of the matter said, in what would be the U.S. company`s second retreat from Asia. The deal, which could be announced as early as Monday, marks the industry`s first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on rivals such as Indonesia`s Go-Jek, backed by Alphabet Inc`s Google and China`s Tencent Holdings Ltd.