The logo of transport network company Grab is seen inside a mall in Manila, Philippines on Saturday, May 27, 2017. Photo: Richard James Mendoza/NurPhoto via Getty Images

Uber is reportedly preparing to sell its Southeast Asian operations to Grab, its rival in the region that's also backed by investor Softbank, in exchange for a stake in the company, according to CNBC.

Why it makes sense: The deal would be similar to what Uber did with its Chinese operations in 2016, which put an end to the $1 billion it was spending per year there. Earlier this week, Uber CEO Dara Khosrowshahi called the company's spending to compete in regions like Asia "optional," adding that its ride-hailing business in developed markets like North America and Europe is financially sustainable.

Grab declined to comment and Uber has not returned a request for comment.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 a.m. ET: 33,282,969 — Total deaths: 1,000,867 — Total recoveries: 23,066,203Map.
  2. U.S.: Total confirmed cases as of 12 a.m. ET: 7,148,009 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

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