Office workers walk past Grab and Uber offices during their lunch hour March 26 in Singapore. (Wong Maye-E/AP)Uber will sell its business in Southeast Asia to a local competitor, Grab, the ride-hailing company announced late Sunday, in a deal that experts say is designed to position Uber for an initial public offering next year. Uber's sale in Southeast Asia, where Grab claims 5 million daily users, follows several strategic deals in competitive international markets. Yandex, a Russian rival, merged with Uber last year in a deal valued at $3.7 billion. Uber has already invested $700 million in Southeast Asia, according to the person familiar with the sale.

Source: Washington Post March 26, 2018 16:35 UTC