Uber pulls out of SE Asia with seizure by rival Grab

Grab is acquiring Uber’s operations and assets in South-east Asia including Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The move marks Uber’s further retreat from international operations, following the sale of its China business to local rival Didi Chuxing in 2016 and Russian business to Yandex last year.

As part of the deal, Uber will take a 27.5 per cent stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board.

The online-to-offline company will integrate Uber’s ridesharing and food delivery business in the region into Grab’s existing multi-modal transportation and fintech platform.

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