Uber sells Southeast Asia business to rival Grab
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.