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.

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Updated 51 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 18,387,725 — Total deaths: 696,586 — Total recoveries — 10,976,180Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 4,758,028 — Total deaths: 156,426 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
  5. Politics: Trump's national security adviser returns to work after coronavirus recovery Republicans push to expand small business loan program.
  6. Sports: Indy 500 to be held without fansRafael Nadal opts out of U.S. Open.
Updated 1 hour ago - World

At least 50 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: Lebanon's health minister said in televised remarks that more than 50 people have been killed and over 3,000 injured. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years, per NBC.

"Mulan" will head to Disney+, home to more than 60 million subscribers

An outdoor ad for Disney's "Mulan" in Hollywood, California. Photo: Rich Fury/Getty Images

Disney announced Tuesday that its most highly-anticipated blockbuster of the year, the live-action remake of "Mulan," is heading to Disney+ on Sept. 4 for consumers to purchase for a premium access fee of $29.99. The movie's theatrical debut had previously been delayed four times.

Why it matters: It's a huge blow to movie exhibitors across the country that were relying on the Disney hit to come exclusively to theaters for at least a few months before being made available to consumers at home via streaming.