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After weeks of rumors, ride-hailing company Grab has announced it's acquiring Uber's Southeast Asian business, including its UberEats operations. In exchange, Uber will receive a 27.5% stake in Grab reflecting the companies' respective market shares.

Why it matters: This is Uber's latest move to shed operations in regions where it's not the leader (and frankly has no chance of becoming) and is losing a lot of money. It's done the same in China and Russia. This is also not surprising given new-CEO Dara Khosrowshahi's plans to take the company public in the next year or two.

More: Neither companies is disclosing the value of Uber's stake, but Axios is told that it's safely north of $2 billion and likely more. Moreover, Khosrowshahi is joining Grab's board of directors as part of the deal.

Now, all eyes will be on India, another large market where Uber wants to compete. According to a source familiar with its business, Uber has at least half of the market in the country, so it's not likely to retreat.

Grab advantage: The deal likely boosts Grab's ability to compete with Go-Jek, another ride-hailing company in the region, backed by KKR and Alphabet.

Go deeper: Khosrowshahi's recent comments at the Goldman Sachs' tech conference, just a day after Uber released its financials for 2017.

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.