Grab, the dominant ride-hailing service in South-East Asia, is close to finalising a deal to acquire Uber Technologies Inc's business in the region and may sign a deal this week or next, according to people familiar with the matter. Under terms of the proposed agreement, Grab would buy out Uber's operations in certain markets in South-East Asia and Uber will take a stake in Grab, the people said, asking not to be named because the talks are private. The structure would be similar to the deal Uber struck with Didi Chuxing in China in 2016, when the San Francisco-based company sold its local operation in exchange for equity in the company. The companies have been locked in a struggle for control of as many cities as possible across South-East Asia, home to 620 million people. Pulling out of markets like South-East Asia would boost profits at a company that has burned through US$10.7bil (RM41.7bil) since its founding nine years ago.

Source: The Star March 08, 2018 06:45 UTC