Uber to sell its Asia operations to regional competitor

Popular transport company, Uber is to sell its South East Asian food delivery and ‘ridesharing’ businesses to its rivalry, Grab.

The move is said to mark another step back from international operations for Uber, after it sold its China business to a local rival, Didi Chuxing, in 2016.

Both firms are describing the deal as a win for both companies and passengers.

Grab is the area’s most popular ridesharing firm. It has millions of users across several countries.

Uber will retain a 27.5 per cent stake in the Singapore-based group, with Uber’s chief executive also joining Grab’s board.

The sale has included food delivery service, Uber Eats. Uber’s chief executive, Dara Khosrowshahi, said: “It will help us double down on our plans for growth as we invest heavily in our products and technology to create the best customer experience.”

Grab’s chief executive, Anthony Tan, added: “The combined business is the leader in platform and cost efficiency in the region.

“Together with Uber, we are now in an even better position to fulfill our promise to outserve our customers.”

The sale’s value has not been disclosed.