Uber selling Southeast Asian business to regional rival Grab

Ride-hailing giant Uber has sold its south-east Asia business to its leading rival Grab marking a further retreat from international operations. It comes after Uber also pulled out of China and Russia in recent years and as new chief executive Dara Khosrowshahi attempts to turn the firm#s fortunes around. Under the terms of the deal, Uber will take a 27.5 per cent stake in Grab, which offers ride-sharing, food delivery, bicycle hire and financial services. US firm Uber will also have a seat on Grab's board. Ride-hailing giant Uber is selling its Southeast Asia operation to its leading rival Grab marking a further retreat from international operations.