Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab's board. For Grab, the deal will help its meal-delivery service, which will now merge with Uber Eats, compete with Go-Jek, according to a person close to Grab. Uber invested $700 million in its Southeast Asia business, less than the $2 billion it burned through in China before ceding its operations there to Didi. "Southeast Asia was really difficult for Uber. A Grab spokeswoman said all Uber employees in its Southeast Asia operations would be offered employment in Grab.

Source: New Strait Times March 26, 2018 02:03 UTC