SINGAPORE: Uber Technologies Inc has agreed to sell its South-East Asian operations to Grab, withdrawing from yet another fast-growing region to end a war of attrition with a fierce local rival. Under the agreement, Grab will acquire all of Uber’s operations in a region of 620 million people, including food delivery service UberEats. The ceasefire marks a victory for Grab as well as SoftBank Group Corp, the biggest shareholder in both companies. Masayoshi Son’s firm is pushing to reduce competition in a South-East Asian ride-hailing market forecast to reach US$20.1bil by 2025. The combined business is the leader in platform and cost efficiency in the region,” Grab CEO Anthony Tan said in a statement.

Source: The Star March 26, 2018 04:07 UTC